Durham, Fair Finance partners face detention hearing

A federal judge will hear evidence on whether an Indiana financier and his business partners who were convicted of swindling investors out of $200 million should be kept in jail until they are sentenced.

Prosecutors likely will argue during the hearing Monday afternoon that former GOP donor Tim Durham is a flight risk and shouldn't be released.

A federal jury in Indianapolis last week found Durham guilty of securities fraud, conspiracy and 10 counts of wire fraud. His business partners, Jim Cochran and Rick Snow, also were convicted of conspiracy and securities fraud, and some wire fraud counts. When sentenced, they could face decades in prison.

The men were charged with raiding Akron, Ohio-based Fair Finance for personal use and conspiring to hide the consumer finance company's depleted condition from investors.

Durham's attorney says he'll appeal.

For all of IBJ's coverage of Fair Finance and Durham, click here.

The prosecution based a good portion of its case on a series of government-recorded phone calls between Cochran and Durham. In a wiretap from Nov. 19, 2009, introduced as government evidence, Cochran and Durham briefly discuss the possibility that they could serve jail time. The recording appears below.


To hear audio from several other wiretaps between Durham and Cochran, click here.

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