The government rested its case against Tim Durham and his partners on Monday and defense lawyers were expected to begin making their case today. Before resting, prosecutors called Ohio investors Donald Russell and David Spector, who say they each lost hundreds of thousands of dollars.
Durham and partners Jim Cochran and Rick Snow are charged with conspiracy, wire and securities fraud. Much of the correspondence entered into evidence involves the trio discussing the transferring of tens of millions of dollars between Durham‘s companies, Fair Holdings, DCI Investments and Obsidian Enterprises.
Prosecutors are trying to convince jurors that Durham and partners financed luxury lifestyles that included expensive homes, fancy cars and lavish parties with investor money. Prosecutors also played phone calls between Durham and partners discussing creative ways to explain their financial records for curious Ohio securities regulators.
The jury will likely get instructions late Tuesday and begin deliberating Wednesday. Judge Jane Magnus-Stinson has told jurors they‘ll be sequestered if deliberations run past Wednesday.