News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

NOCHE

Lehmans


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Courts and Crime


Indianapolis "jet setters" to be sentenced for Akron fraud
Northeast Ohio victims want justice but expect little in the way of restitution
by WKSU's TIM RUDELL


Reporter
Tim Rudell
 
Fair Finance operated mostly from this building on Market Street in Akron. When Timothy Durham took over the securities firm branch offices were opened in several places, including North Canton, and Wooster.
Courtesy of TPR
Download (WKSU Only)
In The Region:

A major chapter of the Fair Finance story is likely to come to an end Friday. The three men convicted of bilking thousands of northeast Ohio investors out of hundreds of millions of dollars are to be sentenced in federal court in Indiana.  WKSU’s Tim Rudell reports.

Click to listen

Other options:
Windows Media / MP3 Download (2:04)


Timothy Durham’s fraud hooked investors for more than 200-million dollars. And it may now land him a prison term of more than 200 years.   

Durham, business partner James Cochran, and Rick Snow, their accountant at Akron-based Fair Finance, were convicted in July of turning the small securities seller into a Ponzi scheme.  

Defense attorneys have asked for light sentences—five years for Durham. They argue that their clients were bumblers not conspirators.

Prosecutors are calling for the max, including up to 225 years for Durham.  They say he and Cochran bought Fair Finance from the family of its Depression era founder, Ray Fair, all the while intending to divert its assets to their personal use and use its reputation for reliability to lure more investors.

Dan Sciury of Canton says he was a typical victim of the scheme.  “…“most of these folks were elderly like myself…retirees who had invested there in good faith because of the sterling reputation that Mr. Fair had had—he never cheated anyone out of anything—and we all got bilked. That’s the long and the short of it.  And these people were just thieves.  They were conniving and they knew just what they had done. There’s no one who could have done the things they did without it being planned and calculated.”

Durham, Cochran and Snow are scheduled for sentencing in Indianapolis where they were tried--their corporate holding company and their power base were headquartered there.

Sciury hopes the three spend the rest of their lives in jail; but also is a bit fatalistic. “…you know…it doesn’t matter if they give them 200 years or to spend the rest of their lives in prison because there’s no way that’s going to make restitution for all the grief and suffering that they’ve caused in the lives of many people.  It was absolutely devastating.  It was devastating for me.  My plans were for this money to be for my daughter who is handicapped.”

Federal agents raided Fair Finance offices in November of 2009 and the company was turned over to a bankruptcy trustee in early 2010

Related WKSU Stories

Judge to hold hearing for convicted owner of Akron-based finance company
Thursday, November 1, 2012

Jury convicts Tim Durham of looting Fair Finance
Wednesday, June 20, 2012

Bankruptcy trustee's suit calls Akron-based Fair Finance a "cash cow" for insiders
Tuesday, April 13, 2010

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

HOF's Canton expansion could take an island and make it a village
I live in the block from Broad St to the Hall of Fame and will be impacted by the expansion. I am in the process of selling my home and planned to long before i...

Cleveland redeploys police to replace rejected red-light traffic cameras
Periodic rotational enforcement without warning does NOT change behavior and the city officials know that. This is the basis of all officer-run enforcement trap...

New enrollment period offers more insurance options
The removal of federal funding for healthcare CO-OPs may limit the growth of the CO-OP movement. http://www.healthcaretownhall.com/?p=6381

The family of Boardman vet killed in Vietnam receives his medals
My name is Mike Eisenbraun. I am Larry's brother. I was 14 years old when Larry was killed in Vietnam. He has been gone for 46 years but it seems like yester...

Cleveland seniors are creating new wealth -- and facing new challenges
Why is anyone surprised that we people over 65 are not retiring? If you have been paying attention, defined company funded pensions were phasing out in the eigh...

Ohio company cuts off a dairy supplier after allegations of animal abuse
these people should be held accountable for their actions. i would be more than pleased to see a year or more behind bars. i will NEVER eat anything that comes ...

Goodyear recruits thousands of vets
What a wonderful interview! Excellent reporting skills by a talented young reporter! I look forward to hearing more from Ms. Schley!

Ohio Democratic Party begins the rebuilding process
I agree 100% with Sen. Brown. I think it is absolutely critical for the Democratic Party in Ohio to engage in the long, tedious, hard task of re-building from t...

They're talking again in the Macedonia bridge dispute
Norfolk Southern says the Ledge road bridge meets regulations for train traffic, however it was built as an overpass for a roadway and/or farm usage. I think t...

Cleveland City Council to consider transgender public restroom law
this is sick. I do not want my daughter in the same bathroom as a perverted 45 year old man. this proposed legislation could seriously damage the security of ch...

Copyright © 2014 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University