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.

Akron General

Hospice of the Western Reserve


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
Crime and Courts


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

Summit County takes the Akron arena out of the sales tax equation
David should be commended for his efforts to "wake up" the politicians of Summit County and the City of Akron. However, I still don't trust any of them and I a...

Brunswick will turn tornado sirens back on after bad weather
Put the sirens back after the storms, in the mean time just sit and wait for another tornado . That's Brunswick for you lived here 44 years and it has always be...

Oberlin council may rescind its gun ban, but is considering alternatives to keep it in effect
Seems that the only scared, paranoid people are the anti-gun people, really.

Massive pipeline planned to pump Ohio shale products to Texas
This needs stopped. Ohioans pay the price, putting up with pollution, leaks, explosions, and the top one percent profit from exporting fracked product to China.

National Weather Service confirms three tornado touchdowns yesterday
I was driving back from a party and was caught in the middle of a large thunderstorm. The hail and lightning were a whole light closer than usual, is something ...

Another Indians season opens with Chief Wahoo under scrutiny
The picture you have for Robert rocha is not him. He has long hair. No idea who that guy is in that picture

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

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