More Trouble for Tim Durham

INDIANAPOLIS (WISH) - There is more trouble for Indianapolis businessman Tim Durham. Dozens more Ohio residents believe Durham may have swindled them out of millions.

The latest court documents filed in the case indicate nearly 40 Akron, Ohio residents say Durham owes them more than $2 million.

After hearing the latest allegations, we started by taking the elevator up to Tim Durham's company, Obsidian Enterprises. Here's what we got at the front desk.

"Mike: Tim Durham's offices? Receptionist: Yeah, do you have a meeting scheduled? Mike: No, I'm wondering if we can get anyone to talk with us about the latest reports about Fair Financial?" Receptionist replies: "I know that we're not accepting reporters on the floor right now and the official word is no comment!"

Obsidian co-owns Fair Finance, the firm Akron investors say owes them $2.2 million. Their suit follows a federal investigation and raid of two of Durham's companies. Durham is known for a lifestyle that included a 30-thousand square foot Geist mansion and an extensive car collection. I spoke on the phone with Columbus, Ohio attorney David Meyer who filed a separate suit against Fair Finance December 4th.

"The heart of the case is that they sold these investments to the Ohio residents and misrepresented material aspects of these investments and omitted material aspects of the investments!" Meyer said Tuesday.

There are apparently lots of investors upset with Durham. Meyer says he has gotten literally hundreds of complaints as part of what's becoming a class action suit. In fact, he's trying to get the latest groups of 40 Ohio investors to join in the overall case.

But was Durham actually running a Ponzi scheme?

"From what we understand now, it does appear that he's taking money from these Ohio residents ... taking the money in his investments and using that money to pay off the redemptions of other investments and by definition, that is a Ponzi scheme!" said Meyer.

No one has been charged or arrested in this case. I spoke with Obsidian attorney John Tompkins on the phone this afternoon. He say it's inappropriate to comment at this time. No word yet on a new court date in the case.