INDIANAPOLIS - A federal appeals court overturned two convictions against Timothy Durham on Thursday, ordering the former Indianapolis businessman to be resentenced.
Durham was convicted in 2012 of 12 counts of securities fraud, conspiracy and wire fraud in connection with an investment fraud that bilked thousands of elderly investors out of $200 million.
Prosecutors argued that Durham and partners James Cochran and Rick Snow raided Fair Finance to enrich themselves and their friends, and to prop up Durham's other struggling businesses.
On Thursday, the Seventh Circuit Court of Appeals overturned two of Durham's convictions for wire fraud due to prosecution's failure to properly enter key documents into the trial record. The court also ordered Durham to be resentenced.
Durham was sentenced in 2012 to 50 years in prison . A resentencing hearing could potentially see some of that sentence reduced.
The 11,000-square foot home Durham owned in Geist went up for auction in March for $2.2 million . There were no bidders.
SHIRTLESS AT THE 500: Were you spotted?
No shirt, no shoes... no problem.
PHOTOS: Multiple crashes slow the Indy 500
The crashes started in the first lap and continued throughout the Indy 500.
PHOTOS | 99th running of the Indy 500
Relive the 99th running of the Indianapolis 500.
VIDEOS: The Indy 500 in review
A look back at the 99th running of the Indianapolis 500
Juan Pablo Montoya wins the Indianapolis 500
Juan Pablo Montoya won his second Indy 500.