Tim Durham, ‘Madoff of the Midwest,’ seeks release from prison – WISH-TV | Indianapolis News | Indiana Weather

INDIANAPOLIS (WISH) — Tim Durham, the Indianapolis businessman convicted of dishonest traders out of greater than $200 million, will return to a federal courtroom within the metropolis subsequent week, hoping to persuade a decide to launch him from jail.

Durham will use a four-day listening to that begins Could 31 to make his case that his conviction and 50-year jail sentence are the results of sloppy work by his authorized group.

Durham’s request, initially filed 5 years in the past, cites 12 errors by his lead legal professional, John Tompkins, and his authorized group throughout the trial and sentencing course of.

“There may be little doubt that had Tompkins carried out as required, Durham would have been discovered not responsible on all counts or at the very least, his sentence would have been many years shorter,” Durham wrote within the courtroom papers.

Durham, who’s now appearing as his personal legal professional, calls Tompkins incompetent and a liar, and claims he took a $1 million advance fee and did not do a lot of probably the most primary trial preparation. 

“Tompkins lied extensively as a result of he merely wished to maintain your complete $1,000,000 advance and mainly ‘threw’ the trial and sentencing,” Durham claims in his case.

Durham is scheduled to stay in a federal jail till 2055 after a federal jury convicted him and two enterprise companions in 2012 of expenses together with securities fraud, wire fraud and conspiracy.

Investigators say Durham and his companions used their corporations Obsidian and Truthful Finance to cheat greater than 5,000 traders out of greater than $200 million.

Federal authorities on the time labeled it the worst-ever white collar crime within the historical past of Indiana, and in contrast Durham to Bernie Madoff, the New York financier whose ponzi scheme had losses estimated at greater than $60 billion.

Jane Kalina, her brother and sister had been within the courtroom in 2012 on behalf of their father, who had invested greater than $170,000 in Truthful Finance.

“My dad has cried, he stayed up nights worrying,” Jane Kalina advised Information 8 after Durham’s conviction. “He felt he’s a failure, and mainly, he felt like he was idiot.”

Federal prosecutors say Durham and his companions used the corporate’s cash as their very own piggy financial institution to fund a lavish life-style of huge houses and quick automobiles.  

Present Indianapolis Mayor Joe Hogsett was the U.S. Legal professional spearheading the case in opposition to Tim Durham. 

“It was Mr. Durham’s egocentric, harmful actions that squandered American center class financial energy,” stated Hogsett.

It’s unclear when the federal decide will problem a ruling.