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A U.S. appeals court on Thursday upheld 10 convictions against an Indianapolis financier but overturned two wire fraud counts, saying the government failed to enter into the record key documentary evidence.

Timothy Durham and co-defendants Jim Cochran and Rick Snow were convicted in 2012 of swindling thousands of investors out of $200 million. Durham was convicted on 12 counts and sentenced to 50 years; Cochran was convicted on eight counts and sentenced to 25 years; Snow was convicted on five counts and sentenced to 10 years.

The 7th Circuit Court of Appeals in Chicago rejected most of the appeals but overturned two involving the transfer of $250,000 and $50,000.

The appeals court said the government's failure to enter the documentary evidence "was clearly an oversight, but the mistakes leaves a crucial gap in the evidence in those counts." It said the government used single-page printouts to establish the wire transfers were made in furtherance of the fraudulent scheme.

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