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GOP Fundraiser Indicted in $200M Ponzi Scheme

Timothy Durham allegedly defrauded more than 5,000 people

By Kevin Spak, Newser Staff

Posted Mar 17, 2011 8:40 AM CDT

(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.

Timothy Durham allegedly defrauded more than 5,000 people. (Shutterstock)

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COMMENTS

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Showing 3 of 18 comments

Sir_Cancelout

Mar 20, 2011 11:18 AM CDT

Here's your "Daily Republican Scandal Report"! See you tomorrow! We should have another one by then!

saucier111

Mar 17, 2011 2:31 PM CDT

This is noting new for the gop,remember Jack Abramoff a few years ago.He was lucky John McCain was the top investigator,at this time john new he was running for president.He needed the GOP support,so john swept as much as he could under the rug.If you have netflix,you can watch this documentary any time. Casino Jack the United States of Money, And you will see where american jobs went.

MisterPlinkett

Mar 17, 2011 10:57 AM CDT

that's nothin. social security is a multi billion dollar ponzi scheme that we all are FORCED to participate in.

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GOP Fundraiser Indicted in $200M Ponzi Scheme

Timothy Durham allegedly defrauded more than 5,000 people

OTHER STORIES ON OUR RADAR

crime • campaign fundraising • Ponzi scheme • Mitch Daniels • political fundraising • Timothy Durham

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