GOP Fundraiser Indicted in $200M Ponzi Scheme
Timothy Durham allegedly defrauded more than 5,000 people
By Kevin Spak,  Newser User
Posted Mar 17, 2011 8:40 AM CDT
Timothy Durham allegedly defrauded more than 5,000 people.   (Shutterstock)

(Newser) – Prominent GOP fundraiser Timothy Durham was arrested early this morning on allegations that he’d defrauded more than 5,000 people out of more than $200 million in a giant Ponzi scheme, the New York Times reports. The 48-year-old West Hollywood man also donated more than $800,000 to the Republican Party, including almost $200,000 to Indiana Gov. Mitch Daniels. Durham has been charged with 12 counts of securities and wire fraud.

Durham allegedly pocketed money investors gave to his Fair Finance Company, while repaying old investors with money from newer ones. Fair Finance eventually filed for bankruptcy, but not before Durham had bought himself such trappings as a four-bedroom yacht, a 45-car garage, and an Aston Martin designed to look like the car James Bond drove in Goldfinger.