Trustee: Durham borrowed $54M from firm - 13 WTHR Indianapolis

Trustee: Durham borrowed $54M from firm

Updated:
Durham's home in the Geist area Durham's home in the Geist area

Indianapolis - A bankruptcy trustee says an Indianapolis money manager under federal investigation borrowed $54 million from the Ohio firm he co-owned.

The trustee also told creditors Tim Durham loaned money from Ohio-based Fair Finance to friends and failing businesses.

FBI agents raided the offices of Fair Finance and Indianapolis-based Obsidian Enterprises last November.

Investors forced Fair Finance into bankruptcy. A lawsuit filed in December seeks to recover $200 million.

Durham remains under investigation by the FBI, but he has not been charged with any crime.

Powered by WorldNow