Indiana Supremes Finally Get Around To Disbarring Lawyer Currently Serving 50-Year Sentence For Looting Funds Entrusted To Him By Investors In Connection With Ponzi Scheme That Caused Over $200 Million In Losses To Victims

The Indiana Lawyer reports:

• The Indiana Supreme Court disbarred Indianapolis attorney Tim Durham [] because of his “fraudulent looting of funds entrusted to him by investors.” Durham is currently serving a 50-year sentence for 10 counts of wire and securities fraud.
  
  Durham was convicted in 2012 for his role in a complex Ponzi scheme to defraud investors in his Akron, Ohio-based Fair Finance Co. Prosecutors claimed he looted the company to support a lavish lifestyle and other failing businesses of his. Investors in the company lost more than $200 million when the company closed in November 2009.
  
  ***
  He appealed his 50-year sentence last year, but that was upheld.
  
  ***
  The justices agreed, releasing a 3-page per curiam decision [] disbarring Durham in Indiana. He was admitted to practice in 1987.
  
  “Respondent’s convictions on ten felony counts involved an ongoing scheme of wire and securities fraud that spanned several years and caused over $200 million in losses to thousands of victims. We have consistently imposed disbarment where an attorney exhibits a pattern of conversion of client funds,” the opinion states. “We see no reason to reach a different result with respect to Respondent’s fraudulent looting of funds entrusted to him by investors.”

For the story, see Indiana Supreme Court disbars Tim Durham.