(Michigan City, IN) - A professional con-artist sentenced to prison for soaking a Trail Creek couple out of slightly more than $1 million has slipped away. A warrant is out for the arrest of Timothy Bailey, 53, of Michigan City.
Bailey was given a five-year prison sentence last week for Level 5 felony Securities Fraud in La Porte Superior Court 1 in Michigan City. He was ordered to report to the La Porte County Jail the next day to begin serving his sentence. However, Bailey never showed up as ordered by the judge. A warrant was still out for his arrest a week later.
According to court documents, the slick-talking Bailey, posing as an investor, persuaded the couple to give him money for him to purchase and renovate homes. In exchange, the couple expected a return on their investment. The couple also gave Bailey funds to build new housing on empty lots in Florida.
According to court documents, Bailey remained in contact with the couple giving them updates on how the projects were progressing. Eventually, the couple began receiving checks but they bounced.
The victims, on a trip to Florida, also went to check on the housing development to find the lots still empty and no construction happening.
Bailey has an extensive prior history of theft related crimes in other locations.
For additional details, read the HTNN follow up story, "Con Man has Apparent Gambling Problem".