INDIANAPOLIS —
An Indiana financier and former chief executive of National Lampoon convicted of swindling investors out of about $200 million was sentenced today to 50 years in prison.
U.S. District Judge Jane Magnus-Stinson said the case against Timothy Durham was characterized by “deceit, greed and arrogance” and that Durham had violated the trust of thousands of small investors from the American Heartland.
“We drive Chevys and Buicks and Ford, not Ducatis. That’s how most of us roll,” Magnus-Stinson said. “When they’re defrauded, it is the most serious offense because it undermines the fabric of this country.”
Two of Durham’s associates, James Cochran and Rick Snow, were to be sentenced later today.
A jury in June found the three men guilty of securities fraud and conspiracy. It also convicted Durham, a major Indiana Republican Party donor who resigned his post at National Lampoon in January, of 10 counts of wire fraud, while Cochran and Snow were convicted on some of those counts.
Prosecutors have said 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. The men were convicted of operating an elaborate Ponzi scheme to hide the company’s depleted condition from regulators and investors, many of whom were elderly.
Durham’s attorney, John Tompkins, argued at trial that Durham and the others were caught off-guard by the economic crisis of 2008, and bewildered when regulators placed them under more strict scrutiny and investors made a run on the company.
Attorneys for all three men had asked the judge for lighter sentences than those recommended. Tompkins sought a total of five years for Durham — three years in prison and two years of home detention.
Prosecutors had wanted 225 years for Durham. Magnus-Stinson said she couldn’t sentence him to that much because that number would be as “puffed up” as statements that he held $280 million in assets. But she clearly showed her displeasure with Durham, telling him he had been “raised better” and noting that though he testified that he “felt terribly” for the victims, he had shown no sincere remorse.
Barbara Lukacik, 74, an Ohio nun who said she lost $125,000 in the Fair Finance collapse, said she had forgiven Durham and the others but testified before the sentencing that a lengthy sentence was warranted.
“If you receive a short sentence — a slap on the wrist, so to say — I do not think it will be enough time for your heart and your conscience to realize your sin and your greed,” she said.
The charges against Durham led several GOP politicians, including Indiana Gov. Mitch Daniels, to return hundreds of thousands of dollars in campaign contributions sought by Fair Finance’s bankruptcy trustee.
Associated Press writers Rick Callahan and Ken Kusmer in Indianapolis contributed to this story.
Local & Bistate
Indiana financier gets 50 years for $200m swindle
- Local & Bistate
-
-
Holcomb, other top leaders leaving Indiana GOP helm
INDIANAPOLIS — Indiana Republican Party Chairman Eric Holcomb leads a number of high-level departures from the state party half a year after the 2012 elections.
-
Vigo County Jail Log: June 19, 2013
The following individuals were booked into the Vigo County Jail by area law enforcement on Tuesday and Wednesday, based on jail records.
-
Right lane of U.S. 41 South closed at Harlan Road
VIGO COUNTY, Ind. – An intersection improvement project on U.S. 41 and Harlan Road has closed the right lane for southbound traffic beginning today. This lane closure is scheduled to last about one month.
-
Terre Haute Coke & Carbon: Cleaning up a legacy
When heavy equipment starts moving dirt next week at the former Terre Haute Coke and Carbon industrial site, city officials hope a new day will be dawning for a long-neglected part of town.
-
Diversity growing: New census report shows changing face of Indiana
Like the rest of the nation, Indiana is continuing on a trend toward greater diversity as the numbers of Hispanics, blacks, Asians and other minorities are rising at a faster pace than whites.
-
Valley following diversity path of nation, Indiana
Like much of Indiana, the majority white population in the Wabash Valley is on the decline, while minority populations are on the increase.
-
Court lets walkout fines against House Democrats stand
House Democrats who had to pay more than $100,000 in fines after they walked out of the Indiana Statehouse two years ago during a legislative session won’t get the help they sought from the Indiana Supreme Court.
-
Arrest made, victim identified in Rosedale homicide
The victim in a Parke County homicide that occurred last week has been identified as Kathryn A. Bays, 55, of Rosedale.
-
Vermillion industrial park gets award for transition
The Vermillion Rise Mega Park, a former chemical weapons base now an industrial park north of Clinton, has gotten national attention for its rapid transition to civilian from military use.
-
Slight damage from evening storm
Very little damage was reported from a late evening storm that rolled through the Wabash Valley on Tuesday.
-
U.S. 41 lane restrictions
Motorists should expect delays because of lane restrictions on U.S. 41 in Sullivan County next week as a railroad company repairs a rail crossing 1.2 miles north of Shelburn.
-
Lane restrictions next week on U.S. 41 at Shelburn
SHELBURN, Ind. – Motorists should expect minimal delays because of lane restrictions for U.S. 41 in Sullivan County next week as the railroad company makes repairs to the rail crossing 1.2 miles north of Shelburn.
-
Reputed Mafioso tip triggers new Hoffa body search
OAKLAND TOWNSHIP, Mich. — The FBI saw enough merit in a reputed Mafia captain’s tip to once again break out the digging equipment to search for the remains of former Teamsters union leader Jimmy Hoffa, last seen alive before a lunch meeting with two mobsters nearly 40 years ago.
-
UPDATE: Parke County homicide victim identified
ROSEDALE — The victim in a Parke County homicide that occurred last week has been identified as Kathryn A. Bays, 55, of Rosedale.
-
Court lets walk-out fines against House Democrats stand
INDIANAPOLIS — House Democrats who had to pay more than $100,000 in fines after they walked out of the Indiana Statehouse won’t get the help they sought from the Indiana Supreme Court.
-
Vigo County Jail Log: June 18, 2013
The following individuals were booked into the Vigo County Jail by area law enforcement on Monday and Tuesday, based on jail records.
-
Back home again: Items from vaudeville stage and Terre Haute native sent to Historical Society
The staff at the Vigo County Historical Museum are excited about the arrival of priceless items used by Terre Haute-native Rose Fehrenbach and her husband, Edward Pierce, to promote their Vaudeville acts in the early 20th century.
-
Husband charged in Archer homicide
Terre Haute Police have found local reports of domestic violence between a Terre Haute man and his wife, whose body was discovered wrapped in a tarp and dumped in an Ohio ditch.
-
National Road panels dedicated
Rewind to the mid-1800s, when the trotting of a horse and buggy on National Road could be heard alongside the voices of people heading west, searching for opportunities.
-
Pence sets agency priorities
Following a directive from Gov. Mike Pence, state agency heads are reorganizing some of their top priorities to better reflect the first-year governor’s “roadmap for Indiana” plan for improving the state’s economy, infrastructure and health.
-
Another I-70 traffic snarl: Three injured in two related crashes
Three people were injured Monday afternoon from a pair of crashes on Interstate 70 that temporarily closed the highway and diverted traffic into Terre Haute.
-
Terre Haute man still hospitalized after scooter/car crash
A Terre Haute man remained hospitalized Monday at Methodist Hospital in Indianapolis after his scooter struck a car early Saturday on Wabash Avenue at 25th Street.
-
Overpass repairs causing Interstate 70 lane restrictions
Repairs to the Frye Road overpass in southeastern Vigo County has caused a restriction to the left lane of Interstate 70 between the 13- and 14-mile markers, about two miles east of the Indiana 46 exit.
-
Indiana woman condemned for killing at 15 is freed
A woman who was sentenced to death at age 16 for taking part in the torture and murder of a 78-year-old Bible studies teacher was released from an Indiana prison Monday after growing to middle age behind bars.
-
Grant will let Vigo Library evaluate map collection
The Vigo County Public Library has received a $2,000 grant to evaluate its historic map collection, a library official announced Monday.
-
Four juveniles caught on elementary school roof; one injured jumping off
Police say a juvenile was lucky to have suffered only a broken leg after jumping from the roof of a Vigo County elementary school – dropping about 30 feet to the ground.
-
Farmersburg man sentenced after guilty plea in rape case
A Farmersburg man has been sentenced to 12 years in prison after pleading guilty to a rape that occurred at his parents’ residence in May 2012.
-
Still no information being released on Rosedale homicide
No new information was being released Monday afternoon concerning a Rosedale homicide.
-
Woman condemned for killing at age 15 freed from Rockville prison
INDIANAPOLIS — A woman who was sentenced to death at age 16 for taking part in the torture and murder of a 78-year-old bible studies teacher was released from an Indiana prison today after growing to middle age behind bars.
-
UPDATE: All lanes of I-70 now open
All lanes of Interstate 70 in Vigo County are now open — as of 4:15 p.m. — after multiple crashes shut down the eastbound lanes temporarily this afternoon.
- More Local & Bistate Headlines
-
Holcomb, other top leaders leaving Indiana GOP helm
Unusual Heat Wave Bakes Alaska
Raw: Massive Protests Fill Brazilian Streets
Fans Cheer Dramatic Heat Comeback
Raw: Volcano Erupts Near Mexico City
Raw: Car Jumps Curb in NYC, Injures 8
Raw: Arizona Wildfire Scorches 8 Square Miles
Hoffa Mystery Still Fascinates After 4 Decades
Tiger on Sergio: 'It's Time to Move On'
Hunt for Ex-Teamster Boss Hoffa's Remains Ends
Raw: NASCAR Driver Jason Leffler Dies in Wreck
Raw: German President Welcomes President Obama
Raw: Huge Fire Near Yosemite National Park
3 Charged in Ohio With Enslaving Mom, Daughter
Raw: 1 Dead in Shooting at Mo. Apartment Complex
Ex-NFL Star Chad Johnson Out of Jail
Car Crash in NYC's East Village Injures 8
Obama Renews Call for Nuclear Reductions
Failed Cuba-to-Florida Swimmer Won't Try Again
Today in History June 19
Raw: Obama Arrives in Berlin
Rihanna Hits Fan With Microphone
Exclusive: Locklear & Seymour Lock Lips
Miami Heat Wins in Overtime
Fists, chairs fly in restaurant brawl
Journalist Michael Hastings Dies in Fiery Hollywood Crash
Hairy Leg Stockings Aim to Deflect Male Attention
Inside Kim Kardashian's Premature Labor
Three Charged for Enslaving Mother and Daughter
Spurs' Popovich has no problem with Spurs' intensity
RAW: NSA Director Says 50 Plots Foiled
Paige Butcher Scorches on Hawaii Beach
Video: worst way to load cargo onto a plane
Never-before-seen footage of '08 Times Square bomber
Obama: NSA Secret Data Gathering 'Transparent'
WATCH IT: Lil Wayne tramples American flag
Mariah Carey Looks Beautiful in a Tiny Cut-Out Swimsuit
Out of Control Boat Throws Passengers Overboard
