Embattled financier Tim Durham to remain in jail until sentencing

A federal judge ruled Monday that embattled Indiana financier Tim Durham and one of his business partners should be kept in jail until they are sentenced.

At a detention hearing at 1 p.m., the judge decided to keep Durham and one of his partners at Fair Finance, James Cochran, detained until their sentencing date.  The other business partner, Rick Snow, was released on home detention.

All three men were convicted last week of defrauding investors of more than $200 million. 

Durham was found guilty of 12 felony counts in the federal fraud case, including 10 counts of wire fraud, one count of securities fraud and one count of conspiracy to commit securities and wire fraud.

Prosecutors argued Durham and his partners should not be let out because Durham could be a flight risk.

“We believe that there are assets still to be recovered, and as long as there's a substantial amount of money that remains to be found, they present a flight risk,” said U.S. Attorney Joe Hogsett. “And that's exactly the argument we'll make Monday morning."

Durham faces a maximum of 225 years in prison and could be ordered to pay thousands of dollars in fines.

A sentencing hearing will likely happen sometime in the next 90 days.