Legal Issues and Investment Losses and Fraud and Banking & Finance and Investing and Securities fraud and Courts and Obsidian Enterprises and Wealth Management and Tim Durham

Durham set for afternoon federal court date

April 6, 2011

 A former Indiana businessman accused in a $200 million fraud scheme is set to appear in federal court in Indianapolis on Wednesday at 2:30 p.m.

Timothy Durham, 48, and two business partners, James Cochran and Rick Snow, were arrested March 16 after being indicted on 12 felony counts, including conspiracy to commit wire and securities fraud. They're accused of defrauding about 5,000 investors in Akron, Ohio-based Fair Finance Co. of more than $200 million. Prosecutors have called it the largest corporate fraud case in Indiana history.

A federal magistrate in Los Angeles on March 21 ordered Durham, who lives in California, released on $1 million bond. U.S. attorney's office spokesman Thom Mrozek in Los Angeles said Durham agreed to find a home in Indianapolis, where he was placed on electronic monitoring.

IBJ.com will continue to provide ongoing coverage of the Fair Finance case.
 

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