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Tim Durham (WIBC.com file photo)
U.S. Attorney Joe Hogsett says his office will seek life in prison terms for Indianapolis businessman Tim Durham and partners Jim Cochran and Rick Snow.
This after a federal judge denied pre-sentencing release for Durham and Cochran and granted Snow home detention with GPS monitoring. In her ruling, Judge Jane Magnus-Stinson referred to the Bernie Madoff case and said she was also using her "common sense."
Stinson bought the prosecution's argument that Durham and Cochran's ages - 50ish - and possible sentences make them flight risks. Stinson granted Durham partner Rick Snow home detention and GPS monitoring stating that while he was highly paid, his crimes didn't rise to the level of Durham and Cochran's. She also cited Snow's young family, testimony from Snow's wife Stacey and his crime-free record as reasons for granting home detention pending sentencing.
Durham attorney John Tompkins argued that Durham still has assets and could use those assets and his knowledge to help pay back bilked investors. Tompkins said he hoped to convince the judge that was good enough reason release Durham prior to sentencing. A jury convicted Durham and partners of conspiracy, wire and securities fraud. They bought the prosecution's argument that the men bilked 5000 investors in a $200 million Ponzi scheme.
Tompkins says Durham and Cochran will be moved from the Marion County Jail to a federal prison facility, possibly in Kentucky. Hogsett says he expects the judge to set a sentencing hearing to take place within 90 days.
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