Opening arguments set in financier's fraud trial

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INDIANAPOLIS — Opening arguments are hours away in the fraud trial of an Indianapolis businessman accused of bilking investors out of more than $200 million.

The Indianapolis Star reports that 16 people were selected Friday to serve on the jury that will hear Tim Durham's fraud trial in federal court in Indianapolis. Opening arguments are scheduled to begin this morning in his trial.

Durham and two others are charged with looting Akron, Ohio-based Fair Finance Co. and using a Ponzi scheme to bilk about 5,000 mostly elderly investors.

Federal prosecutors have accused Durham, his business partner and accountant of raiding the company to finance their lavish lifestyles and unsuccessful businesses.