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Tim Durham (WIBC.com file photo)
An accountant who audited the books of Tim Durham's companies testified in his federal trial early Friday.
Benjamin Kimmerling of Somerset CPAs told prosecutors that after using a yacht, two private jets and other Durham assets as collateral, Durham's companies still carried a loan deficit of $22.7 million later in 2005. Kimmerling said his firm found Durham's parent company Fair Holdings was funneling numerous personal loans to Durham and partners for homes and stock investments. Kimmerling testified that the number of loans went way up as the collateral backing the loans sharply dropped.
Kimmerling testfied that he spoke with Durham and partner Rick Snow about millions of dollars in income losses; in short, the grave state of the companies. Kimmerling testified he suggested a $20 million loan reserve and consolidation of Durham's companies, Fair Holdings, Fair Finance, Durham Cochran Investments and Obsidian Enterprises. Despite even that, Kimmerling said his audit still questioned whether the firms could survive. Durham and partners are accused of bilking five-thousand investors in a $200 million Ponzi scheme.
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