Indianapolis businessman Tim Durham has been convicted on all counts of committing and conspiring to commit wire and securities fraud.
The jury deliberated for about eight hours before delivering the verdicts to Durham and his business partners. Durham was found guilty on 10 counts of wire fraud, one count of securities fraud, and one count of conspiring to commit wire and securities fraud.
His partners Jim Cochran and Rick Snow were found guilty of various counts including committing and conspiring to commit wire and securities fraud. Durham, Cochran and Snow were arrested by the FBI for bilking investors of Fair Finance, a bank Durham acquired in 2002, of more than $200-million.
Assistant US Attorney Winfield Ong says his office wants to ensure none of the defendants are ever set free.
“We have calculated basically a life sentence,” he says. “We’re going to advocate for the highest sentence the law directs, but we will have to sort that out as the time goes on.”
After the reading of the verdict, Durham and his partners were immediately taken into federal custody by federal marshals. The judge set a hearing for Monday to determine whether the men will be released on bail prior to their sentencing which is expected to be sometime near the end of the summer.
Sentencing will take place at the end of summer. Each count of fraud carries a maximum penalty of 20 years in federal prison.