Indianapolis businessman Tim Durham will remain in jail until his sentencing on 12 felony fraud convictions.
Durham and his business partners James Cochran and Rick Snow petitioned federal judge Jane Magnus-Stinson for release until their sentencing hearing in a few weeks.Attorneys for the three men argued that their behavior leading up to and during the trial showed no risk of flight and that they had personal ties to the community and their families.
The assistant U.S. attorney argued tens of millions of dollars is still unaccounted for and Durham and his partners might use it to flee. But Durham attorney John Tompkins says Durham is planning just the opposite.
“What he wants to do is surrender the remaining assets,” Thompkins says. “He started that process before he was indicted and he wants to continue to do that now.”
In her ruling, Judge Stinson said Durham’s financial representations were unreliable and that he showed no regard for other people’s money. She denied release to Durham and Cochran but granted Snow home detention with GPS monitoring.
U.S. Attorney Joseph Hogsett says his office is now focused on seeking the maximum sentences for the three men, which, given their ages, would essentially mean life in prison.