Tim Durham: What happened to the millionaire Playboy of Indiana?
Who is Tim Durham? Mr Durham used to be a lawyer and financer, but many people know him for being the millionaire Playboy of Indiana who is now in prison. Mr Durham committed the largest white-collar crime in Indiana history, and he is currently paying for his crimes.
Source: Twitter
Crime does not pay, and Tim Durham is living proof of this statement. What happened to the millionaire Playboy of Indiana? Here is everything you need to know about the life of the infamous lawyer.
Tim Durham's profile summary
- Full name: Timothy Shawn Durham Sr.
- Year of birth: 1962
- Place of birth: Seymour, Indiana, United States
- Nationality: American
- Mother: Mitza Durham
- Schools attended: Indiana University, Indiana University Law School
- Relationship status: divorced
- Spouse: Joan SerVaas (ex-wife)
- Tim Durham's children: 1
- Occupation: Attorney (disbarred), businessman
- Famous for: Being the millionaire Playboy of Indiana
- Criminal status: Inmate #60452-112
- Release date: February 1, 2056
- Tim Durham's prison: United States Penitentiary, McCreary; McCreary County, Kentucky
Tim Durham's biography
Shawn was born in 1962, but the exact month is not clear. However, some sources claim he was born on 1st January, making his zodiac sign Capricorn. Therefore, Tim Durham's age in 2021 is or will be 59 years. Where did Tim Durham live? He grew up in his birth town, Seymour, USA.
Career
After graduating, Timothy worked for Ice Miller. After marrying Joan, he joined the investment firm owned by his wife's father, Beurt SerVaas. However, he left the company after divorcing Joan.
The financier and attorney opened an investment company known as Obsidian Enterprises, which he took public in 2001. Some of the companies that Obsidian invested in included a limousine rental company, a rally-car builder, a nightclub, a plastic surgery center, a cell-phone billing processor, an Italian restaurant, and BrightPoint mobile device distributor.
Playboy themed parties were held in Tim Durham's yacht, titled Obsidian, which is a luxurious air-conditioned, 100-foot long private houseboat with four bedrooms. This is why he is referred to as the “The Playboy of Indiana.”
It is said that he starred in the 2007 feature film, National Lampoon’s The Great American Run.
The downfall
According to the bankruptcy trustee, Obsidian had cumulative losses of $30 million from 2001 to 2006 while borrowing heavily from Fair Finance Company, which he had acquired from a holding company in 2002. Conspiring with the CEO of National Lampoon Inc, Dan Laikin, Shawn inflated the company's stock price to $5 to prevent the firm from being delisted from the American Stock Exchange.
Source: Instagram
In 2009, Obsidian and Fair Finance were raided by federal agents after it was suspected that they were involved in a $250 million Ponzi scheme. Shawn was arrested in 2011, and as a result, Tim Durham's net worth dropped drastically.
Tim Durham's criminal charge and sentence
What happened to Tim Durham? An Indianapolis jury convicted Shawn on June 20, 2012 after being found guilty of 10 counts of wire fraud, 1 count of securities fraud, and 1 count of conspiracy to defraud. He was linked to a Ponzi scheme that defrauded 5,400 investors, mostly the elderly, of about $216 million.
How much time did Tim Durham get?
On 30th, November 2012, he was sentenced to 50 years in prison, two years' supervised release (overturned September 4, 2014; reinstated June 26, 2015). Therefore, Tim Durham's release date is February 1, 2056. He will be 94 years old, meaning that this is like a life sentence at his age.
Tim Durham's wife
Shawn and Joan got married in 1989 but divorced in 1998. The couple was blessed with a son, and Tim Durham's son is called Timothy Durham, Jr. Shawn was also romantically involved with Jami Ferrell, a former Playboy Playmate (Miss January 1997).
Tim Durham's house
Other than Tim Durham's cars and yacht, the lawyer owned luxurious houses. For instance, Tim Durham's mansion, located at 4353 E. 113th St., was a hot cake. According to IndyStar, the mansion had 7 bedrooms, 8 full baths, 5 half-baths and 4 parking spaces. The 10,701-square-foot Geist-area home was auctioned to JPMorgan Chase.
Tim Durham was once a force to reckon with, but he lost it all because of his greed and illegal practices. He is paying for his crimes for the rest of his life behind bars. His life story encourages everyone to earn a living honestly so that they may enjoy it for the rest of their lives.
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Source: Briefly News
