INDIANAPOLIS (WISH) - Tim Durham has a broad range of business and financialinterests. That means many others could be in some way impacted byhis business dealings.
A document filed by U.S. Attorney Timothy Morrison asks ajudge to freeze the assets of Tim Durham . Morrisonhas since dropped the civil suit, but the investigation intoDurham's dealings continues.
Morrison's complaint yields valuable clues about the possibledirection of the investigation.
Durham controlled Playa Del Racing , an IndyCar team. Accordingto Morrison's complaint, Durham may have used $804,000 ofill-gotten gains to support the team. That would mean some of thefunding fueling his cars may have been laundered.
Personal finance expert Peter Dunn said, "A Ponzi scheme mayhave funded an IndyCar team and that's the sort of craziness thatis now coming out in these court papers."
Dunn predicts potential far-reaching fallout from the financialdealings of Tim Durham. Keybank subsidiary, KeyBanc Capital Markets Incorporated , is alsomentioned in court documents.
The U.S. attorney alleges Durham made 6,400 federal wiretransfers using investors' money for his personal interests.According to court documents, he reinvested $495,000 of that moneyat McDonald Investments. McDonald investments, a subsidiary ofKeyBanc, became known as KeyBanc Capital Markets in 2007.
Dunn said any firm that invests laundered money could still beheld responsible, even if the broker didn't know the money wastainted.
"It is a financial company's fiduciary responsibility to helpsniff out money laundering," said Dunn.
Dunn stresses that neither KeyBank nor its subsidiary has beenaccused of any wrongdoing.
KeyBank leaders are silent on the matter.
"We cannot comment on matters that are under investigation,"said Dan Davis, Vice-President and Public Relations Manager of theGreat Lakes Region.
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