Motion to seize Durham's assets dropped

INDIANAPOLIS (WISH) - The case against Indianapolis financier Tim Durham continues to unfold.

On Monday, the U.S. attorney filed a motion dismissing efforts to seize Durham's assets.

Last week, the government filed paperwork asking to seize a number of Durham's properties and bank accounts. The properties include Durham's sprawling 30,000 square foot Geist home.

U.S. Attorney Tim Morrison told 24-Hour News 8 there was probable cause to believe many of the assets were gained through unlawful acts.

The government was concerned Durham may try to sell off some of those belongings. The district attorney says he was assured that would not happen.

Morrison did say the government will move to seize Durham's assets, if the case becomes a criminal matter.

In court papers, federal authorities accused Durham of running a Ponzi scheme in Ohio in which he allegedly used money from new investors to pay off old investors.

Durham's attorney said he is no Bernie Madoff.

"They shouldn't link it with Madoff. Everybody familiar with Madoff knows the FBI never executed any search warrants. They didn't know they didn't know anything was going on with Madoff. People should understand, when the government wants to investigate you, this is how they do it," said John Tompkins who is representing Durham.

Durham's Ohio business that is under investigation for operating an alleged Ponzi scheme was closed Monday.

The Akron-Beacon Journal newspaper reported a stream of worried customers turned up at Fair Finance Company to check on their investments.

When they arrived, they found a notice on the door which read, "Due to unforeseen circumstances, Fair Financial Services is temporarily closed. We look forward to serving you upon our reopening."

24-Hour News 8 called the company. An outdated recording said the company was closed for the Thanksgiving holiday and would open back up on Monday. Last week, Durham's attorney said opening the business back up was a top priority for his client.

"We're dealing with some of the logistics of seeing what it is going to take to keep the companies operating for the sake of those employees and other people who would obviously have interests in those companies."