Another Alleged Ponzi Schemer's Yacht For Sale

by Deidre Woollard (RSS feed)
Jan 28th 2010 at 10:01PM

Those alleged financial malefactors have fine taste in yachts. Check out Obsidian, a 98-foot Azimut motor yacht that Indianapolis financier Tim Durham once boasted he spent $5,000 a month just to dock in Miami. Whether or not the yacht still belongs to Republican financier with the fancy tastes is not clear. One thing that is certain is that it is for sale through Moran Yachts for 3.4 million euros. The listing says the ship is docked in Turkey. The yacht has three guest cabins including a master stateroom with a king size bed and walk-in dressing room. The flybridge has a large round jacuzzi tub and the yacht has two jet skis. Obsidian is the name of Durham's holding company.

Back in 2008 Durham's lavish life was profiled on CNBC but Durham has been unloading his holdings left and right over the past few months and in November the FBI raided his Indianapolis office. Federal authorities are trying to determine if Durham's Fair Finance Company operated as a Ponzi scheme. The Indianapolis Business Journal reports that Durham and his business partners used Fair Finance as a bank, taking out over $168 million in insider loans. Investors are worried that some $200 million given to Fair to purchase investment certificates may be gone forever.

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