INDIANAPOLIS -- Convicted financial swindler Tim Durham will have to serve his 50-year prison sentence, a federal appeals court has ruled.
The three-judge panel handed down its unanimous decision Wednesday, rejecting the Fishers financial advisor’s appeal to reduce the prison term.
Durham had asked for the sentence reduction after a previous appeals court ruling threw out two of the 10 convictions in his case.
Prosecutors accused Durham and two other men of running a Ponzi scheme, cheating thousands of investors out of more than $200 million.
Investigators had also referred to Durham as the “Madoff of the Midwest,” referring to Bernie Madoff, the New York financier now serving 150 years in prison for running what is considered the largest financial fraud in U.S. history.