Durham Found Guilty of Financial Fraud
|Written by John Draneas|
|Saturday, 01 September 2012 00:00|
Tim Durham (right) arrives at court in Indianapolis in June to hear the verdict in his trial
Tim Durham started out as an attorney, then left practice for far greener pastures. Highly ambitious, he reportedly made millions through leveraged buyouts. He was a well-known fixture at collector car auctions. Arriving on his private jet — and spending freely — he rapidly amassed a significant collection that included Duesenbergs, Ferraris and a Bugatti Veyron. Durham also owned 75% of Car Collector magazine, and his financial problems were certainly one of the reasons that Car Collector recently folded.
This June, it took only eight hours for an Indianapolis, IN, jury to convict him on all 12 felony counts that were charged — 10 of wire fraud, one of securities fraud and one of conspiracy.