INDIANAPOLIS—
More problems for embattled Geist millionaire Tim Durham. The US government has moved to seize Durham's mansion and his money, just days after the FBI raided his downtown offices.The civil lawsuit was filed by the US Attorney's Office this week during the raids. The allegations are devastating news for Durham, his investors, and Marion County Republicans who took contributions from him.
Court documents accuse Durham of alleged wire fraud in connection with the Fair Finance Company. The lawsuit also claims that Durham undertook a scheme to defraud new investors by not putting their money into investment certificates as promised. Durham is also accused of using that money to make interest and redemption payments to earlier victims of the scheme, very similar to a "Ponzi Scheme."
Federal agents claim, as of last summer, Durham's company Fair Financial had assets of $241,000,000, with $192,000,000 loaned out to Durham and his various businesses. Durham's attorney says his client is cooperating with federal officials and is "stunned" by the news.
The Geist mansion is next door to Reggie Miller's house. The feds are also going after Durham's properties in New Castle, his home in Los Angeles, and funds from 17 different Durham-related bank accounts and they want his 2008 Buggati Veyron.
Marion County Prosecutor Carl Brizzi has issued two statements distancing himself from Durham and a leading Republican candidate for Marion County Sheriff called it quits because he had $200,000 of Durham's money.
