Convicted Indy businessman Tim Durham disbarred

Timothy Durham is taken into custody by FBI Agents at the Federal Building in Westwood, Calif. on Wednesday, March 16, 2011. Durham, a former Indiana businessman who served as National Lampoon’s chief executive was arrested Wednesday on charges that he operated an elaborate Ponzi scheme that defrauded investors of more than $200 million and helped pay for his lavish lifestyle, including $250,000 he allegedly spent to revamp his home’s garage. A federal grand jury indictment unsealed Wednesday in Indianapolis charges Timothy Durham, business partner James F. Cochran and their accountant, Rick D. Snow, with 12 counts, including conspiracy to commit wire and securities fraud, wire fraud and securities fraud. (AP Photo/Los Angeles Times, Mark Boster)

INDIANAPOLIS (AP) — The Indiana Supreme Court has disbarred a former Indianapolis businessman sentenced to 50 years in prison for defrauding thousands of investors of $200 million to finance a lavish lifestyle.

The court released an order Wednesday concluding Tim Durham violated the rules of professional conduct because of the fraud. His law license already had been suspended on an interim basis for nonpayment of dues.

Durham was convicted in 2012 of securities fraud, conspiracy and 10 counts of wire fraud for operating a Ponzi scheme that defrauded thousands of investors in his Akron, Ohio-based company, Fair Finance. He was sentenced to 50 years in federal prison. The 7th U.S Circuit Court of Appeals in February rejected his bid for a shortened sentence.


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