Convicted businessman's home faces sheriff's sale

By: Associated Press
By: Associated Press

INDIANAPOLIS (AP) - The home of a former Indianapolis businessman convicted of defrauding investors in an Ohio company of $200 million is headed to a sheriff's sale.

WISH-TV reported Tuesday the suburban Indianapolis home was abandoned by Tim Durham with thousands of dollars in back taxes owed in Hamilton County.

The nearly 11,000-square-foot home with seven bedrooms and eight bathrooms and overlooking Geist Reservoir had been listed for sale for $5.5 million. A foreclosure lawsuit was filed in 2010 by lender JPMorgan Chase, which is owed about $4.5 million.

Durham was sentenced to 50 years in prison in 2012 after a federal jury convicted him of securities fraud, conspiracy and 10 counts of wire fraud for operating a Ponzi scheme with Akron, Ohio-based Fair Finance.

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