Indiana News

Auditor Testifies In Durham Trial


Tim Durham ( 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.

Indy Attorney Sizes Up Durham Jury (6-15-12)
FBI Wiretaps & Email In Durham Trial (6-14-12)
Former Employee Says Durham Lied to Investors (6-13-12)
Ohio Man Says Durham Robbed Family (6-12-12)
Indianapolis Defense Attorney Weighs In On Durham Case (6-11-12)
Former Firm Owner's Accusations Lead Testimony in Tim Durham Trial (6-11-12)
Tim Durham Trial Getting Underway (6-11-12)
Jury Selected in Trial of Embattled Money Manager Tim Durham (6-8-12)
Judge Denies Motion for Dismissal in Durham Case (4-19-12)
Durham Attorney Downplaying New Charge (2-22-12)
Durham's Legal Team Wants Charges Dropped (1-6-12
Durham's Attorney Calls for Dismissal of Charges (12-21-11)
Indianapolis GOP to Turn Over Durham Donations (9-14-11)
Tim Durham Files Request to Return to Mansion (8-16-11)
Durham Co-Defendent Seeks Public Defender (7-14-11)
Bosma to Return Durham Contributions (4-30-11)
Durham Released From Halfway House (4-11-11)
June 2012 Trial Set for Durham (4-7-11)
Durham Taken Into Custody After Hearing (4-6-11)
State Senator to Return Durham's Contributions (3-22-11)
Republican Party Will Not Return Durham's Donations (3-17-11)
Geist Businessman Indicted (3-16-11)
Durham Linked to FBI "Cramming" Investigation (12-16-10)
Indy Businessman Faces Foreclosure on Mansion (9-17-10)
Durham Facing Additional Financial Trouble (4-29-10)
Lawsuit Filed Against Indianapolis Businessman (12-4-09)


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