In 2012, Durham was sentenced to 50 years in prison in connection with a Ponzi scheme that defrauded 5,400 investors, many of them elderly, of approximately $216 million, according to the US Securities and Exchange Commission.
14 Facts About Tim Durham
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Tim Durham graduated from Indiana University and its law school Indiana University Robert H McKinney School of Law in 1987.
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Tim Durham worked for law firm Ice Miller after graduation, and in 1989 he married Joan SerVaas.
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Tim Durham was involved in taking over numerous ailing companies, including school bus manufacturer Carpenter, cargo trailer makers Danzer Industries and United Expressline, US Rubber Reclaiming, and bus leasing firm Pyramid Coach.
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Tim Durham appointed Dan Laikin as CEO of National Lampoon Inc The SEC alleged Laikin conspired to inflate the company's stock price to $5 in order to prevent the company from being delisted from the American Stock Exchange.
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Tim Durham took over as Lampoon CEO after Laikin stepped down.
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On September 4,2014, a federal appeals court overturned two of 10 wire fraud counts against Tim Durham and ordered a new sentencing hearing, saying prosecutors failed to enter some key evidence into the trial record.
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On June 26,2015, Tim Durham had his 50-year sentence reinstated.
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Tim Durham is serving his sentence at United States Penitentiary, McCreary in McCreary County, Kentucky.
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Tim Durham was sentenced to two years' supervised release, but this was largely academic given the likelihood that he will die in prison.
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In 2014, Mitza Tim Durham agreed to repay Fair Finance Co.
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In 2016, Tim Durham was disbarred by the Indiana Supreme Court.
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Tim Durham was on the steering committee for Mitch Daniels' successful gubernatorial bid in 2004 and headed the Indiana fundraising effort for Rudy Giuliani's 2008 presidential campaign.
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Tim Durham's exploits are featured in the 2015 episode "Playboy of Indiana", of the television series American Greed.