FBI tows Tim Durham's cars from downtown lot

INDIANAPOLIS (WISH) - 24-Hour News 8 has learned that the FBI confiscated from a downtown lot multiple cars owned by troubled Indianapolis businessman Tim Durham.

The owner of the building located at Market and East streets tells 24-Hour News 8 that the FBI arrived Thursday afternoon and had the cars towed.

The tow truck operator acknowledged that he was towing more than one car.

I-Team 8 contacted Durham's lawyer, Larry Mackey, Thursday night. Mackey released a statement exclusively to I-Team 8 on behalf of Durham Thursday evening criticizing the FBI's seizure.

The letter reads:

If the FBI were as focused on the investors as they are on creating headlines, they would know that today's seizures were a total waste of taxpayer monies. Several weeks ago and under no obligation to do so, Tim Durham provided the original titles to each of these vehicles to the bankruptcy Trustee. He did so for one reason: to mitigate Fair investor losses.

The cars seized today from three sites in two states with teams of FBI agents have effectively been the property of the Trustee for more than a month. The FBI apparently chose to grandstand searches of Tim Durham rather to make a phone call to the Trustee and discover that those vehicles have long ago been secured by the Trustee. The FBI surely knows that any car, and particularly car collections, are worthless without the titles. Today's seizures were another unfortunate example of the FBI acting before they get the facts. The honest taxpayer loses now as the FBI's actions today has only served to start a battle with the Trustee; whose time to fight that battle will just reduce recoveries for the investors. Avoidable; embarrassing and regrettable.

24-Hour News 8 broke the story last Friday of Durham secretly trying to sell his Geist-area home .

Brian Bash, the man overseeing the bankruptcy of Fair Finance, told 24-Hour News 8 Monday he would expect any profit made in the sale of Durham's house to be turned over to him.

Bash said, as trustee, he is working with Durham's attorney to make sure that happens.

Durham is asking $5.5 million for the home. The source that tipped off the home sale to 24-Hour News 8’s David Barras called the asking price "crazy" in this market.