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.
WATCH: The meaning of Tony Kanaan's tattoo
There's always been a certain art to racing. But this story is about a different kind of art.
Weird, the wacky and everything else at Carb Day
If you can't make it to Carb Day, check out our gallery of the festivities
LIVE BLOG: Welcome to Carb Day 2016!
Welcome to Carb Day!
The RTV6 Master Guide to the Indy 500
You're going to the Indy 500 this weekend – and you think you know it all. But just in case … we've got the end-all,…
Two Hoosiers on the 'Route for the Brave'
Two Indiana men are walking across the country with a goal to help military members and their families.