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AP | November 30, 2009
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INDIANAPOLIS (AP) — The government no longer is suing to seize bank accounts and other assets of an Indianapolis businessman whom it alleged was operating a Ponzi scheme.

The U.S. Attorney’s office in Indianapolis on Monday filed papers to dismiss a lawsuit to seize property belonging to Timothy Durham, including a 30,000-square-foot home on Geist Reservoir and a 2008 Bugatti sports car.

Acting U.S. Attorney Tim Morrison says he dropped the case because he’s been assured Durham will not try to shed the assets.

FBI agents last week raided the offices of Durham businesses, Obsidian Enterprises of Indianapolis and Fair Financial of Akron, Ohio.

A recent Indianapolis Business Journal story questioned whether Fair Financial could repay people who bought nearly $200 million in investment certificates.

One Response to “US attorney drops lawsuit against Indy businessman”

  1. Laser Haas says:

    The seizure and sell mentality of Fed power centers is getting Out of Control. What if, G-d forbid, Petters is found Not Guilty. The DOJ and good ole boys networks are being tyrannical in this approach of presumption of guilt.

    In Petters cases DK was originally appointed under Fed R Civ P 65 – a temporary authority until someone has Won by due process.
    Feds may only liquidate once they have provided conclusive proof through trial of facts and adjudication upon the merits that they (such as SEC, FDIC, IRS, Forfeiture etc) are owed the money.
    DK and Judge Montgomery felt no need for due process or adherence to the Law in this case -
    After all Everyone has Judicial Immunity – so what if “They” fracture a few laws – what is America without a little hypocriscy?!

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