{"id":4772,"date":"2017-08-25T12:30:55","date_gmt":"2017-08-25T17:30:55","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4529"},"modified":"2022-03-30T15:07:05","modified_gmt":"2022-03-30T20:07:05","slug":"securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years\/","title":{"rendered":"Securities Fraud: Ponzi Scammer Tim Duncan Must Pay $1. 3M, Former ArthroCare CEO is Convicted Again in $750M Scheme, &#038; Former Summit Wealth Management CEO is Sentenced to Eight Years"},"content":{"rendered":"<p>\t\t\t\t<strong>Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case<\/strong><\/p>\n<p>Five years after he was convicted of <a href=\"https:\/\/www.stockbroker-fraud.com\">securities fraud<\/a>, businessman Tim Durham has been ordered by a federal judge to pay $1.3M in the US Securities and Exchange Commission\u2019s civil case against him.  Durham bilked over 5,000 investors in his <a href=\"https:\/\/www.stockbroker-fraud.com\">Ponzi Scam<\/a> involving his company Fair Finance. He is serving 50 years behind bars.<\/p>\n<p>The Commission had wanted the judge to order Durham to pay back over $200M in ill-gotten gains. Instead, Judge Jane Magnus-Stinson ordered him to pay a $130K penalty for each criminal conviction, of which there were 10. After Fair Finance shut down in 2009, its bankruptcy trustee repaid investors $18M.<\/p>\n<p><strong>Ex-ArthroCare CEO is Convicted in $750M Scam For a Second Time<\/strong><br \/>\nMichael Baker, the ex-CEO of ArthroCare Corp., has been convicted once again in a $750M securities fraud. An earlier conviction for the same scheme was vacated last year by the 5th U.S. Circuit Court of Appeals.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years\/#more-4772\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case Five years after he was convicted of securities fraud, businessman Tim Durham has been ordered by a federal judge to pay $1.3M in the US Securities and Exchange Commission\u2019s civil case against him. Durham bilked over 5,000 investors in his Ponzi Scam [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3792,3801,3760,3741],"tags":[2869,2870,2871],"class_list":["post-4772","post","type-post","status-publish","format-standard","hentry","category-ponzi-scams","category-sec","category-sec-enforcement","category-securities-fraud","tag-arthrocare","tag-fair-finance","tag-summit-wealth-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Fraud: Ponzi Scammer Tim Duncan Must Pay $1. 3M, Former ArthroCare CEO is Convicted Again in $750M Scheme, &amp; Former Summit Wealth Management CEO is Sentenced to Eight Years &#8212; Investor Lawyers Blog &#8212; August 25, 2017<\/title>\n<meta name=\"description\" content=\"Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case Five years after he was convicted of securities fraud, businessman Tim Durham has &#8212; August 25, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Fraud: Ponzi Scammer Tim Duncan Must Pay $1. 3M, Former ArthroCare CEO is Convicted Again in $750M Scheme, &amp; Former Summit Wealth Management CEO is Sentenced to Eight Years &#8212; Investor Lawyers Blog &#8212; August 25, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case Five years after he was convicted of securities fraud, businessman Tim Durham has &#8212; August 25, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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Investor Lawyers Blog &#8212; August 25, 2017","twitter_description":"Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case Five years after he was convicted of securities fraud, businessman Tim Durham has &#8212; August 25, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-ponzi-scammer-tim-duncan-must-pay-1-3m-former-arthrocare-ceo-convicted-750m-scheme-former-summit-wealth-management-ceo-sentenced-eight-years\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Securities Fraud: Ponzi Scammer Tim Duncan Must Pay $1. 3M, Former ArthroCare CEO is Convicted Again in $750M Scheme, &#038; 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