INDIANAPOLIS (AP) - Federal prosecutors say Indianapolis businessman Timothy Durham defrauded investors through a classic
Ponzi scheme and they want to seize his luxury home, other properties, 18 bank accounts and a Bugatti touring car.

The Indianapolis Star reported Sunday that prosecutors have filed a 10-page civil complaint in U.S. District Court seeking a forfeiture of the assets belonging to Durham.

The complaints accuses Durham and his associates at Akron, Ohio-based Fair Financial of telling investors their money would be invested in low-risk, high-yield short-term consumer debt. Instead, the money went to interest and redemption payments to other investors.

A message seeking comment has been left on the cell phone of Durham's attorney.

FBI agents last week raided the offices of Fair Financial in Ohio and an Indianapolis-based company run by Durham.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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