Judge Sentences Tim Durham to 50 Years In Prison for Defrauding Investors
Indystar.com
http://www.indystar.com/viewart/20121130/NEWS02/121130008/
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.
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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..
here are more links on this story:
http://www.businessweek.com/news/2012-11-30/ex-national-lampoon-ceo-tim-durham-gets-50-years-prison
http://www.huffingtonpost.com/2012/11/30/timothy-durham-national-lampoon-ceo_n_2221412.html
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