Durham was found guilty in 2012 for running a Ponzi scheme that defrauded more than 5,000 investors through his Akron, Ohio-based company, Fair Finance.
The Seventh U.S. Circuit Court of Appeals overturned two of Durham's wire fraud convictions Thursday.
National Lampoon also filed suit against attorney John Tompkins, and others, who helped wire the money.
Tim Durham's maximum sentence was 225 years, but the judge said that was unrealistic.
Financier Tim Durham's lawyer says the government's recommendation of up to 225 years in prison is unreasonable, considering the severity of the convictions.
The jury found the financier guilty on all 12 counts of conspiracy to commit fraud, wire fraud and securities fraud.
Indianapolis financier Tim Durham must remain in prison until his sentencing is given later this summer.
Prosecutors say Tim Durham and his associates are flight risks and should be imprisoned until they're sentenced.
Tompkins says he and Durham discussed the possibility of a conviction before the actual verdict so Durham was somewhat prepared.
A federal jury found Durham guilty on all counts.