A federal appeals court has overturned two convictions for former Indianapolis businessman Tim Durham.
Durham was convicted in June 2012 on 12 counts of conspiracy to commit fraud, wire fraud and securities fraud. The Seventh U.S. Circuit Court of Appeals overturned two of the wire fraud convictions Thursday.
The court cited the prosecution's failure to enter key evidence into the trial record as the reason for overturning the two convictions.
Durham and his partners, Jim Cochran and Rick Snow, were accused of bilking investors out of over $200 million in a Ponzi scheme.
Cochran was found guilty of eight charges and Snow was found guilty of five. Durham was initially sentenced to 50 years in prison.
The appeals court also ordered a resentencing hearing, meaning Durham could face less time behind bars.