Fair Finance Co. co-owner Timothy Durham has gone from living it up in a mansion to living in a halfway house.
A federal judge on Wednesday in Indianapolis ordered the indicted businessman sent to a halfway house for seven days, the Indianapolis Star reported.
Federal Magistrate Judge Kennard P. Foster expressed dissatisfaction with the financial disclosures that Durham had made to the court and told Durham to make a ''full and complete'' report to the court within seven days, the newspaper said.
''What I saw was not sufficient,'' Foster said to Durham's attorney, Howard Srebnick of Miami.
Durham will be confined to the Volunteers of America halfway house in downtown Indianapolis, according to a ruling at Durham's informational hearing before Foster, the Star said. Volunters of America says on its website that its programs include offering housing in the Indianapolis area for people with chronic mental illness, ''offenders re-entering the community'' and housing for veterans and elderly people.
Durham had been free on a $1 million bond, posted by his ex-wife and ex-father-in-law, since his arrest on 12 felony counts involving now-bankrupt Fair Finance.
Fair Finance has been in Chapter 7 bankruptcy proceedings in Akron U.S. Bankruptcy Court since February 2010.
This was Durham's first appearance in federal court in Indianapolis following his arrest in March in Los Angeles, where the former Indianapolis resident had been living and working as chief executive of comedy movie maker National Lampoon Inc. Also indicted and arrested were Fair Finance co-owner James Cochran and Rick Snow, chief financial officer for Fair Finance's parent company in Indiana.
The three men are charged with defrauding about 5,300 Ohio residents and organizations out of more than $200 million. Durham and Cochran bought the long-established, Akron-based Fair Finance in early 2002. Allegations include that they subsequently ran the business as a Ponzi scheme and used money from Fair Finance investors to live a lavish lifestyle.
A status conference involving the three men is scheduled for 9:30 a.m. Thursday in U.S. District Court in Indianapolis.
The case could go to trial as early as May 16.
