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Tim Durham (WIBC.com file photo)
One of Indianapolis businessman Tim Durham's former employees testified in his federal trial Wednesday.
Former Fair Finance Assistant Manager Matthew Ogden told the prosecution that in 2009, Durham told advisors to tell investors that the company was expanding while it was actually experiencing a major cash flow crises. Ogden says he was in the presence of Durham partner James Cochran who actually told investors the company was doing fine. Ogden says they were also told to tell investors that their interest checks were either in the mail or delayed due to computer issues.
Ogden says Durham blamed the November 2009 raid of Fair Finance offices on people and an ex-girlfriend "out to get him." Ogden also says during 2009, he could see that more money was going out of the firm than coming in and investors were nervous about the state of the economy and had questions. Ogden says they were also told to blame delays in interest payments on new "accounting procedures."
Meantime, Ohio investor David Spector also testified. He told prosecutors he lost $200,000 in Fair Finance. Spector says he believes the operation was a Ponzi scheme as prosecutors are alleging. Durham and partners James Cochran and Rick Snow are charged with conspiracy, wire fraud and securities fraud.
Prosecutors say they bilked 5,000 people out of more than $200 million.
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