Photo: Dan Goldblatt/WFIU News
The Durham trial is being held at the Federal Courthouse in Indianapolis.
A federal jury in Indianapolis Monday morning heard opening statements against Indianapolis financier Tim Durham who is accused of embezzling more than $200 million from his clients.
Government prosecutors told the jury Durham lied to and defrauded investors of Fair Finance, the bank Durham acquired in 2002. Durham’s lawyer John Tompkins says no fraud occurred, and Fair Finance investors lost money just as many others did in the financial collapse of 2008.
The government’s first witness was 86-year-old Donald Fair, whose father opened the bank in 1936. Fair testified that Durham changed the bank’s lending model drastically after he bought the bank. Fair told the court he thought Durham acted recklessly with the bank’s money but upon cross examination he said he never felt fraud was taking place.
Dozens of additional witnesses are expected to be called upon the coming weeks and FBI wiretap calls of Durham are also expected to be heard during the trial.
