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Durham set for afternoon federal court date

 IBJ Staff and Associated Press
April 6, 2011
Keywords
Banking & Finance, Courts, Fraud, Investing, Investment Losses, Judges, Legal Issues, Obsidian Enterprises, Securities fraud, Tim Durham, Wealth Management
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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!
    wooster boosterApril 6, 2011 11:01 PM
    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!
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  • The cavalry
    DorothyApril 6, 2011 10:15 AM
    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.
    Reply to CommentFlag Comment

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