INDIANAPOLIS -- A federal jury has convicted an Indianapolis businessman accused of looting an Akron, Ohio-based finance company after buying it and bilking about 5,000 mostly elderly investors out of more than $200 million.
Jurors on Wednesday found Tim Durham guilty on all the wire fraud, securities fraud and conspiracy charges he faced. Durham could be sentenced to decades in prison.
His business partners, James F. Cochran and accountant Rick D. Snow, also were convicted of conspiracy and securities fraud, and some wire fraud counts.
Prosecutors said Durham and his partners pillaged Fair Finance to enrich themselves and their friends, and to help Durham's other struggling businesses.
Durham's defense attorney had argued that the men simply made bad business decisions in the midst of the bewildering economic crisis of 2008.
The Associated Press