FBI seizes vehicles from Durham's Geist home

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Geist - The FBI seized several vehicles Wednesday afternoon owned by local investment manager and businessman Tim Durham.

Durham, who heads up Indianapolis-based Obsidian Enterprises, is under investigation by the FBI. He is accused of misappropriating investors' money at Fair Finance.

In a negotiated deal Wednesday, Durham surrendered 18 cars from his prized collection. That includes three in California and 15 cars from his property off Olio Road on the northern section of Geist.

Durham's attorney Larry Mackey tells Eyewitness News the cars surrendered include a Bentley, a Lotus, an Auburn Speedster, a Dodge Viper, a Ferrari and a Lamborghini.

Durham's attorney couldn't put a value on the cars Wednesday. Earlier reports placed it at over $10 million at one point.

Mackey says the appointed trustee in Cleveland will sell the cars with the profits going to the investors of Fair Finance, an Ohio firm investigators allege Durham used as a personal bank. Durham denies any wrongdoing.

Last week FBI agents seized others cars from Durham. Wendesday, Durham agreed to hand over the cars voluntarily. Last week, Durham's attorney called the car seizures in Indianapolis and Los Angeles an "unfortunate example of the FBI acting before they get the facts."

Eyewitness News also reported Durham's house is now up for sale listed at $5.5 million.

Last November, federal agents raided Durham's downtown Indianapolis business Obsidian Enterprises inside the Chase Tower. A trustee took control of Ohio-based Fair Finance last fall after FBI agents started looking at finance records.

The FBI has not charged Tim Durham in this case.