Durham is being investigated for complaints that he and associates at his Akron, Ohio-based Fair Financial told investors their money was being invested in low-risk, high-yield, short-term consumer debt. Instead, Durham allegedly operated a Ponzi scheme whereby the money was used to pay interest and redemption payments to earlier investors.
Last week, FBI agents raided the offices of Fair Financial in Ohio and an Indianapolis-based company run by Durham. A 10-page civil complaint filed in U.S. District Court also sought a forfeiture of Durham’s assets to include his mansion, several other properties, a Bugatti sports car and 18 bank accounts.
Federal authorities later told the Star, however, that they dropped their plans for the seizure to prevent dissipation of assets that may have been acquired by Durham through unlawful activity. They have not backed down from their investigation, however.
No charges in the case have been filed.
In addition to his investment business, Durham has a sizable car collection and is said to hold a stake in several collector car businesses.
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