- Associated Press - Wednesday, July 20, 2016

INDIANAPOLIS (AP) - The Indiana Supreme Court has disbarred a former Indianapolis businessman sentenced to 50 years in prison for defrauding thousands of investors of $200 million to finance a lavish lifestyle.

The court released an order Wednesday concluding Tim Durham violated the rules of professional conduct because of the fraud. His law license already had been suspended on an interim basis for nonpayment of dues.

Durham was convicted in 2012 of securities fraud, conspiracy and 10 counts of wire fraud for operating a Ponzi scheme that defrauded thousands of investors in his Akron, Ohio-based company, Fair Finance. He was sentenced to 50 years in federal prison. The 7th U.S Circuit Court of Appeals in February rejected his bid for a shortened sentence.

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