Former Firm Owner's Accusations Lead Testimony in Tim Durham Trial
Tim Durham (WIBC.com file photo)
Testimony began Monday in the trial of Indianapolis businessman Tim Durham.
Former Fair Finance Owner Donald Fair testified that after selling the company to Durham and partners in 2002 he was stunned by what followed. Fair told the packed courtroom, "It seems to me that they just screwed the company right into the ground." The 78-year-old said he sold the company to Durham for $20 million. Fair said he sold Durham the company hoping it would remain stable and continue to take care of his 65 employees.
However, Fair said the company ended up in shambles. He stated that shortly after he left the company, he noticed that Fair Finance's consumer receivables dropped significantly and the company had begun making large loans that weren't being repaid. Durham and partners are accused making huge loans to businesses and themselves and bilking some five-thousand investors out of more than $200 million. Some 49 witnesses are expected to testify in the trial that could take three weeks.