The attorney for disgraced financier Tim Durham says the proposed sentence for his client is “absurd.”
A presentencing report recommends that Durham—convicted in a Ponzi scam that bilked $200 million from victims—spend around 225 years in prison and pay $209 million in restitution, according to our newsgathering partners at the Indianapolis Business Journal.
A judge is set to sentence Durham and co-defendants Jim Cochran and Rick Snow on Nov. 30. In June, a federal jury found Durham guilty on 12 felony charges related to Fair Finance Co., which Durham co-owned with Cochran. Snow was the company’s chief financial officer.
Prosecutors said they looted the company to buy mansions and cars while funding lavish lifestyles.
The filing by Durham’s attorney also argued that the government overestimated the losses suffered by investors and blamed Durham for events beyond his control, the IBJ said. The attorney also contended that the FBI’s decision to raid Fair Finance’s offices in Akron, Ohio, and Durham’s Indianapolis office caused some of the financial chaos resulting from the company’s collapse.
Court records didn’t show what presentencing reports recommended for Cochran and Snow, the IBJ reported. Cochran was convicted on eight of 12 counts; Snow on five of 12 counts.
Durham attorney calls client's recommended sentence 'absurd'
A presentencing report recommends that Durham spend around 225 years in prison and pay $209 million in restitution.