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Indianapolis businessman Tim Durham and partners Jim Cochran and Rick Snow are now sitting in the Marion County Jail.
The trio is in the custody of U.S. Marshals after the jury found them guilty of bilking 5,000 investors in a $200 million Ponzi scheme. The jury found Durham guilty on all twelve counts of conspiracy to commit fraud, wire fraud and securities fraud. They found Jim Cochran guilty on eight of the counts and Rick Snow guilty on five of the counts. The men are being held pending a detention hearing next Monday morning before Judge Jane Magnus-Stinson.
U.S. Attorney Joe Hogsett says the convictions show how such cases won't be tolerated by his office and he congratulated his team including lead prosecutor Winfield Ong. Ong stated that he'll likely seek life in prison for Durham. He says they're still mulling over suggested sentences for Durham's partners.
Ohio investor Donald Russell says the convictions renew his faith in the justice system and the nation. Russell and his deceased mother lost $500,000 in life savings that they invested in one of Durham's companies Fair Finance. Russell says the convictions are just the beginning. He's among numerous investors pursuing civil suits in an effort to recover lost money.
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