Durham associates sentenced in scheme
A business associate of an Indiana financier convicted of swindling investors out of about $200 million has been sentenced to 25 years in prison for his role in the scheme.
U.S. District Judge Jane Magnus-Stinson sentenced James Cochran about an hour after she sentenced former financier Timothy Durham to 50 years Friday.
A jury in June found Durham, Cochran and fellow business associate Rick Snow guilty of securities fraud and conspiracy. Snow was sentenced to ten years.
Prosecutors say the three stripped Akron, Ohio-based Fair Finance of its assets and used the money to buy mansions, classic cars and other luxury items and to keep another of Durham's company afloat. They were convicted of operating an elaborate Ponzi scheme to hide the company's depleted condition from regulators and investors.
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