INDIANAPOLIS, Ind. (WXIN) - Former high flying Indianapolis financier Tim Durham is now the target of a federal investigation. FBI agents raided his corporate offices on Monument Circle Tuesday afternoon.

Agents were seen taking in boxes to bring out financial records of his company, Obsidian Enterprises.

Durham was once known as a savvy leverage buyout expert, buying companies in deep debt and selling them for millions in profits. He was known for giving lavish parties and living up his bachelor lifestyle, keeping company with Penthouse playmates and a bevy of blondes.

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"He once said he wanted to be as rich as Warren Buffett," said Greg Andrews a reporter for Indianapolis Business Journal.

"He had fancy cars, fancy yachts."

Durham also had high profile friends, including rapper Ludicrous. Durham was also a major fundraiser for Marion County Republicans including prosecutor Carl Brizzi.

"They're definitely good friends," said Andrews.

"He was Carl Brizzi's biggest fundraiser. He gave more than 100,000 in campaign contributions to Brizzi's prosecutorial race that helped Brizzi win, " Andrews adds.

No one doubted Durham's talent for business. After growing up in Seymour, Durham earned a math degree from IU and graduated Summa Cum Laude from IU's School of Law.

His early success in leverage buyouts of failing companies went south in recent years, to the tune of hundreds of millions of dollars with investors left holding the bag.

"People take advantage of the position they're in and other people and their money. It's very disheartening," said Greg Richmond of Indianapolis.

"When you hear about these financial fraud cases it's hard to be surprised anymore. You'd think people would learn their lesson but they don't and think they can get away with it. It's disgusting," said Scott Harrison, also of Indianapolis.

Durham's corporate relations spokesman said Durham was in LA at the time of the raid. Durham was reportedly picked up by authorities in California.

FBI officials would not comment on their investigation, saying the warrants were sealed.

If you have any information on the case or have done business with any of these companies, call the FBI at 1-800-CALL-FBI