The appellate court reduced Tim Durham's felony convictions from 12 to 10 and ordered him resentenced. It said the government, in an "oversight," had failed to submit key evidence related to the two dismissed counts.
An attorney for Rick Snow says the executive agreed to the deal because he lacked the money to fight the suit, not because he actually has the money.
In a new brief, the government insists it pursued wiretaps in late 2009 only after investigating the business using less-invasive techniques for 7-1/2 months.
Attorneys for the Fair Finance trustee said Tim Durham's ex-wife, Joan SerVaas, has agreed to pay $100,000 and Bernard Durham, his adopted son, $10,000 to settle a lawsuit charging they accepted nearly $300,000 from the disgraced financier.
Attorneys for Tim Durham and his co-defendants cast their clients’ convictions on a total of 25 felony counts as the result of a string of legal missteps, including bungled jury instructions, and giving investigators the right to conduct wiretaps without first demonstrating that “ordinary investigative techniques failed or were unlikely to succeed.”
Donald R. Fair, the former owner of Fair Finance Co. who sold the business to fraudsters Tim Durham and James Cochran, agreed to the settlement Thursday.
Local criminal defense lawyers who tracked the trial of Tim Durham and his accomplices say chances are slim that they would prevail on appeal. One said Durham would have a better chance of winning the lottery.
Saying their crimes were “as serious as any financial fraud crime ever committed,” federal prosecutors re-emphasized Monday their recommendation that Ponzi schemer Tim Durham and his two accomplices deserve to spend the rest of their lives in prison.
The Ohio Division of Securities allowed Fair Finance to register investment certificates even after the company stopped providing audited financials and Tim Durham drained more than $100 million from the firm through insider loans.
The attorney for convicted Ponzi schemer Tim Durham argues that the presentencing report miscalculates the losses suffered by investors, includes a range of allegations that weren’t proven at trial and blames his client for events outside his control.
A federal judge will hear evidence on whether Tim Durham, Jim Cochran and Rick Snow should be kept in jail until they are sentenced.
The prosecution described Tim Durham as "the mastermind" of a Ponzi scheme, while partner Jim Cochran acted as the front man who lied "to people's faces," and Chief Financial Officer Rick Snow served as the "backroom numbers guy."
Defense attorneys in the federal fraud trial of Fair Finance executives Tim Durham, Jim Cochran and Rick Snow rested their cases Tuesday morning after calling just one witness and introducing a handful of exhibits.
Rick Snow, Fair Finance Co.'s former chief financial officer, isn't accused of collecting insider loans like co-defendants Tim Durham and Jim Cochran. But he's facing the same felony charges.
Tim Durham and his co-defendants in the fraud case involving Fair Finance sit on the same side of the courtroom, but that doesn't mean their interests are always aligned.