Durham, who was also the CEO of Indianapolis-based buyout firm Obsidian Enterprises Inc., and an accomplice, James Cochran, 57, were convicted in June of taking money raised from Fair Finance investors, spending it on themselves and lending it to other entities they controlled. A third man, Rick Snow, 49, was convicted of helping to deceive investors about the company’s financial condition.
The three squandered $208 million of investors’ money, according to U.S. Attorney Joseph Hogsett in Indianapolis.
“Throughout these proceedings, we all heard Tim Durham say his failures were the fault of many things -- the government, the media and the nation’s economic struggles,” the prosecutor said. “It was Tim Durham and the selfish destructive actions of people like him that squandered America’s economic strength. It was Tim Durham, along with Rick Snow and James Cochran who stole the hopes and dreams of those people.”
http://www.businessweek.com/magazine/tim-durham-the-madoff-of-the-midwest-07282011.html#p1
The three squandered $208 million of investors’ money, according to U.S. Attorney Joseph Hogsett in Indianapolis.
“Throughout these proceedings, we all heard Tim Durham say his failures were the fault of many things -- the government, the media and the nation’s economic struggles,” the prosecutor said. “It was Tim Durham and the selfish destructive actions of people like him that squandered America’s economic strength. It was Tim Durham, along with Rick Snow and James Cochran who stole the hopes and dreams of those people.”
http://www.businessweek.com/magazine/tim-durham-the-madoff-of-the-midwest-07282011.html#p1
