Sat Dec 1, 2012, 05:52 PM
Stuart G (13,523 posts)
Judge Sentences Tim Durham to 50 Years In Prison for Defrauding Investors
Deceit. Greed. Arrogance.
Those were the three words a federal judge said best describe Indianapolis businessman Tim Durham and his scheme to defraud about 5,000 investors in Ohio-based Fair Finance out of more than $200 million.
Then she sentenced him to 50 years in prison, which essentially is a life sentence for Durham, 50.
“Mr. Durham, you were raised better than that,” U.S. District Court Judge Jane Magnus-Stinson said during Durham’s sentencing hearing Friday. “You’re educated. You’re specially trained in the law. All of that was jettisoned because you wanted a lifestyle that, quite frankly, I don’t know how you kept track of.”
A federal jury convicted Durham of 12 felony fraud counts in June. His associates, James F. Cochran, 57, and Rick D. Snow, 49, also were convicted of some of those charges.
Durham and Cochran, who owned Fair Finance, were accused of using the company as their personal bank to make loans to themselves and their family and friends. Snow, the company’s chief financial officer, was accused of helping them cover up their scheme.
The second and third pages of the story tell of some of the investors who lost their life savings. Also, Durham never admitted any fault in the scam and said it was "business conditions" that caused the collapse of the compainies..
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Judge Sentences Tim Durham to 50 Years In Prison for Defrauding Investors (Original post)
|Stuart G||Dec 2012||OP|
Response to Stuart G (Original post)
Sat Dec 1, 2012, 06:14 PM
louis-t (16,467 posts)
1. I'm sure "business conditions" involves blaming
our "non-business friendly president". The right-wing propaganda is far-reaching. I had an investor from Ottawa, Canada asking me if I thought it is a bad time to invest here because "Obama is so anti-business". Needless to say, I set him straight in a big way.