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Tim Durham (WIBC.com file photo)
The prosecution in Tim Durham's federal trial has wrapped. Then the defense gets its turn Tuesday
Then the defense gets its turn. Defense attorneys expect to wrap by mid-Tuesday the latest. Durham and partners Jim Cochran and Tim Snow are charged with conspiracy, wire and securities fraud. Prosecutors allege the men ran a $200 million Ponzi scheme that ripped off 5000 investors, mainly elderly people. Prosecutors have relied on federal telephone wiretaps and email among Durham and partners to build their case.
Much of the correspondence involves the trio discussing the transferring of tens of millions of dollars between Durham's companies, Fair Holdings, DCI Investments and Obsidian Enterprises among others. Prosecutors are trying to convince jurors that Durham and partners financed luxury lifestyles that included homes, fancy cars and parties at places like the Playboy Mansion among other things with investor money. They called numerous witnesses including Ohio investors Donald Russell and David Spector who say they were bilked out of hundreds of thousands of dollars.
Prosecutors also played phone calls between Durham and partners discussing creative ways to explain their financial records for curious Ohio securities regulators. If convicted, the men face years behind bars.
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