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Federal prosecutors used their closing arguments to remind the jury Tuesday about the lavish lifestyle Durham lived while investors in the bank he owned, Fair Finance, were losing their money.
Attorneys for the three defendants had spent much of the trial working together. But in their closing arguments, each councilor began to protect their individual clients. Lawyers for former Durham’s associates Jim Cochran and Rick Snow tried to pin the blame solely on Durham. Cochran’s attorney Bill Dazey went as far as to say someone schemed to defraud Fair Finance investors, but that his client was unaware of it.
An attorney for former Fair Finance CFO Rick Snow told jurors his client was completely in the dark about misleading investors. He contended Snow, whose tenure at Fair Finance predates Durham’s purchase of the company in 2002, did not have access to a company checkbook.
The three men face charges of committing and conspiring to commit wire and securities fraud.