CHICAGO (AP) — A U.S. appeals court Thursday upheld most of the convictions against an Indianapolis financier and two associates, but reversed the convictions against him on two wire fraud counts saying the government failed to enter into the record key documentary evidence.
The 7th Circuit Court of Appeals in Chicago said in its ruling that Timothy Durham and co-defendants Jim Cochran and Rick Snow took control of Ohio-based Fair Finance and turned it into “their personal piggy bank” they used to support their lavish lifestyles.
One of the counts overturned involved the transfer of $250,000 and the other $50,000.
The court rejected the request by the defendants to lower the amount of restitution they must pay, but ordered Durham be resentenced without those counts. He originally was sentenced to 50 years.