Updated: Wednesday, 03 Nov 2010, 4:18 PM EDT
Published : Tuesday, 03 Aug 2010, 3:29 PM EDT
INDIANAPOLIS (WISH) - For the first time, there is a clearer picture of Indianapolis businessman Tim Durham's spending. Durham’s companies are accused of bilking 5,000 investors out of $200 million.
Brian Bash is the bankruptcy trustee overseeing the liquidation of Durham's Fair Finance company in Akron Ohio. He told creditors Monday that Durham loaned money from Fair Finance to friends and failing businesses and spent plenty on himself.
Bash said Durham spent nearly $3 million on gambling and resort trips and $14 million on real estate purchases.
Bash said his investigation has found so far that Durham borrowed about $54 million from Fair Finance and includes about a million in donations to politicians, mostly from Indiana.
The trustee says it's not clear how much of the estimated $200 million in losses, investors might recover.
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