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Three Men Guilty of Defrauding 5,000 investors of $200 Million

By
Raul Hernandez
on June 21, 2012 12:49 PM Share: Share on Facebook submit to reddit StumbleUpon Toolbar
 
WASHINGTON -- Three former executives of Fair Financial Company, an Ohio financial services business, were found guilty of defrauding about 5,000 investors of more than $200 million, the U.S. Justice Department stated today.
After an eight-day trial in federal court, guilty verdicts were returned on Wednesday against Timothy S. Durham, 49, the CEO of  Fair; James F. Cochran, 56, the former chairman of the board of Fair and Rick D. Snow, 48, the former CFO of Fair, federal prosecutors state.
Durham, Cochran and Snow each face a maximum of five years in prison for the conspiracy count, 20 years in prison for each on the wire fraud count, and 20 years in prison for the securities fraud count, say federal authorities.
Additionally, each defendant could be fined $250,000 for each count.

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The Court Reporter
Raul Hernandez has spent years writing stories about the drama that unfolds in the courtroom. Here he answers common questions, share some insights on the judicial system and passes along some of the little things that make the Ventura County courts an interesting place to be. You can contact him at rhernandez@vcstar.com.