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Durham set for afternoon federal court date

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 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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  • missed you!
    we didnt see the two busses! we sure missed you, because we wanted to see what people looked like who continually refuse to accept any responsibility because of greed, and who is so incredibly intelligent that they can act as investigator, judge and jury, all in one fell swoop! I am in awe!
  • The cavalry
    Tim isn't going to be happy when he sees the two buses coming from Wooster, filled with victims. We want the judge to see us, our faces and understand the impact of how he has raped our iives, and revoke his bond.

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    1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

    2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

    3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

    4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

    5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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