• Durham found guilty on all counts

    June 21, 2012 No comments

    A federal jury found Indianapolis businessman Tim Durham guilty on all 12 counts in an investment fraud case that bilked thousands of elderly investors out of more than $200 million.

    Durham was found guilty of securities fraud, conspiracy and 10 counts of wire fraud. His business partners, James Cochran and accountant Rick Snow, also were convicted of conspiracy and securities fraud and some wire fraud counts.

    Deputy U.S. Attorney Winfield Ong said the evidence showed that Durham and his partners raided Fair Finance to enrich themselves and their friends and to prop up Durham’s other struggling businesses.

    Durham’s defense attorney, John Tompkins, insisted the men simply made bad business decisions in the midst of the bewildering economic crisis of 2008. He said prosecutors presented isolated facts to make it appear that Durham was guilty of fraud when no fraud actually occurred.

    Before the case was given to the jury, Tompkins asked for a mistrial based on statements made by an attorney representing Durham’s partner, who said he believed that fraud had been committed.

    The request was denied, but it sets up grounds for an appeal.

    Durham did not testify at the trial.

    Following the verdict, Durham, Cochran and Snow were taken to the Marion County Jail in custody of U.S. Marshals, officials said.

    Federal prosecutors called the three defendants flight risks because of the severity of the charges and potential lengthy prison sentences.

    Durham alone could face a maximum of 225 years in prison.

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