Car Collector Investor Timothy Durham Arrested

The final chapter of Car Collector’s demise came yesterday when the magazine’s high-flying Indiana investor Timothy Durham was arrested on charges of fraud and securities violations. In August 2009, Car Pub Insider initiated coverage of the relationship’s anticipated effects on the once storied magazine.

Durham is charged with 12 counts of securities and wire fraud. Prosecutors accuse Durham of taking money investors trusted to his business, the Fair Finance Company, and using it make loans to himself and his businesses; earlier investors were repaid with money from newer ones. In essence, a Ponzi scheme.

From 2002 to 2009, more than 5,000 investors were defrauded out of more than $200 million, the indictment said. The company later filed for bankruptcy.

The bankruptcy trustee for Fair Finance told creditors in August that much of the $54 million Mr. Durham had lent himself helped finance his lavish lifestyle — at his Indianapolis home, a 45-car garage housed an Aston Martin designed to look like the car James Bond drove in “Goldfinger,” while in Miami he kept a four-bedroom yacht

Durham was an investor in Car Collector, keeping the publication afloat despite ongoing losses in readership and advertising. Durham had also been party to legal action involving a Duesenberg sold at a museum auction in September 2009.

Popularity: 2% [?]

Eric's Consulting Services for Publishers

There Are 2 Responses So Far. »

  1. We approached the publisher to purchase Car Collector and as your comment pointed out were told to get lost. They didn’t want to open the Kimono. Take from that what you will.

  2. When you make a pact with the devil expect the consequences!

Post a Response