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Judge: Durham’s home-detention restrictions to continue

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A federal judge on Thursday denied a request from indicted financier Tim Durham to relax restrictions of his home detention, which he is serving at an undisclosed location in the Geist area.

Following his April arrest on 12 felony counts, Durham had asked the court to modify the conditions of his release to visit his attorney’s office more frequently and to travel to California up to 12 days a month.

Durham is acting CEO of National Lampoon Inc. in Los Angeles.

But Judge Jane Magnus-Stinson said Durham already has enough flexibility.

“Yes, it’s inconvenient,” the judge said. “But it’s a lot less inconvenient than being detained in, say, Henderson, Ky.”

A 23-page grand jury indictment alleges that Durham and business partner James F. Cochran worked with former Fair Finance Chief Financial Officer Rick D. Snow to devise and execute a scheme to defraud investors in the Akron, Ohio-based company.

Authorities say that after Durham bought Fair in 2002, he doled out  related-party loans with abandon, leaving the company unable to repay Ohio residents who purchased unsecured investment certificates boasting interest rates as high as 9.5 percent. More than 5,200 investors are owed more than $230 million.

Durham, Cochran and Snow have denied wrongdoing.

Also at Thursday’s hearing, Magnus-Stinson granted Cochran’s request to have a public defender represent him and appointed attorney William Dazey.

Earlier this month, Cochran told the court he now works as an independent contractor selling swimming pools and that his salary is based entirely on commission.

He also said he temporarily receives $1,800 a month in rental income from two homes he owned that are in foreclosure.

Magnus-Stinson instructed him at the previous hearing on July 14 to make inquiries to a handful of lawyers to determine if he could afford counsel.

“Nobody was under $100,000?” Magnus-Stinson asked lawyer Jennifer Lukemeyer, who is withdrawing as his counsel.

“No,” she replied.

More of IBJ's coverage of Tim Durham and Fair Finance can be found here.

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  • Cochran
    Cochran is slick collecting rent on foreclosed homes. It's not his fault, it's the 1st mortgage lenders fault for not exercising an assignment of rents...idiots.
  • Tim wants it his way!
    We will win a few of these arguments, but wait until the weight of SerVass kicks in later when it's really important. Money talks people, these guys are not out, only in suspension. The last word will be similar to Casey Anthony, he will walk with time served. Money walks everytime.
  • Cry-Baby
    Little Timmy is crying because he is housed in his crib all day long- and cannot escape to fleece new investors. Boo-Hoo-Hoo! How do you think the existing investors feel?


  • Shawshank
    Cabin fever? You ain't seen nothin yet.
  • Judge has it right!
    As a former resident of Evansville - I agree with Judge Stinson, an (empty?) Durham house is waaaaaaaay better than Henderson - LOL.
  • Conversion
    I'm no attorney (thank goodness), but isn't the fact that Cochran is pocketing the rent he is collecting on houses that are in foreclosure illegal? And, if so, isn't it pretty dumb of him to state that in open court?

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