Case Updates: U.S. v. Timothy S. Durham, James F. Cochran, and Rick D. Snow
6/26/2015 – Tim Durham – Re-Sentenced
Tim Durham was resentenced today by U.S. District Judge Jane Magnus-Stinson to 50 years in federal prison; the same sentence he originally received after his jury trial on securities and wire fraud charges.
5/21/2015 – Tim Durham – Re-Sentencing Date
The Court of Appeals affirmed Tim Durham’s conviction for conspiracy to commit wire fraud and securities fraud, but vacated two of the 12 individual wire fraud counts Tim Durham was convicted of, and remanded the case for a resentencing. The appellate court affirmed every other aspect of the conviction and sentence, including affirming how the trial judge reached the sentence she actually imposed of 50 years. The trial judge recently held a status conference at which she stated that the only issue on resentencing is how – if at all – the vacation of those 2 counts affects the sentence. She prohibited any further argument on any other aspect of the sentence, including the amount of loss, impact on victims, and other arguments that were made, or could have been made, at the first sentencing. We presented compelling testimony from victims at the first sentencing. The judge was clearly extremely moved by the impact of this crime on the victims, including having read all of the approximately 1300 letters written by victims, and will undoubtedly not have forgotten that. However, all victims have a right to be heard. If anyone would like to be heard at the resentencing, the prosecutors would appreciate having some notice in advance so they can work with the victims on their statement. Otherwise, we expect the resentencing to be very brief.
2/15/2013 – Sentencing of Durham, Cochran, and Snow
On November 30, 2012, Judge Jane Magnus -Stinson sentenced Timothy Durham, James Cochran and Rick Snow. They received the following sentences:
- Tim Durham: 50 years; Upon completion, 2 years supervised release.
- James Cochran: 25 years; Upon completion, 3 years supervised release.
- Rick Snow: 10 years; Upon completion, 2 years supervised release.
Please see the attached judgments regarding each defendant for further information. Additionally, if you would like to receive a list of the court ordered restitution, which lists each victim’s name, and dollar amount owed, please contact Stephanie Lloyd at 317-229-2406.
The United States District Court for the Southern District of Indiana has set a deadline of Thursday, November 15, 2012, for any victim to notify the Government if they plan on attending the sentencing hearing for defendants Tim Durham, James Cochran and Rick Snow on November 30, 2012. Additionally, the court has set November 15th as the deadline for notifying the Government if you intend to make an oral victim impact statement during the sentencing proceedings. Lastly, November 15, 2012 is also the last day to submit a written victim impact statement to the Government to be considered by the Court. If you wish to submit a statement, please send it to Stephanie Lloyd, Victim Witness Coordinator, 10 W. Market St., Suite 2100, Indianapolis, Indiana 46204. These deadlines were established in order to manage the sentencing proceedings given the large number of victims in this case. When considering whether you would like to make a statement, please be assured that by the time of sentencing, the judge will have read all of the approximately 1,000 letters submitted by victims, and that the Government will be making a thorough presentation at the sentencing hearing on behalf of victims, which will include testimony from several victims.
9/26/2012 – Sentencing Scheduled
On September 26, 2012 the United States District Court for the Southern District of Indiana scheduled the sentencing hearings for defendants Tim Durham, James Cochran, and Rick Snow for November 30, 2012 at 1pm, 2:30 pm, and 3:30 pm respectively. These hearings will be held at the United States Courthouse, Room 307, 46 E. Ohio Street, Indianapolis, Indiana before Judge Jane Magnus -Stinson. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court. If you plan on attending, you may want to verify the date and time by using the VNS Call Center or web site.
6/20/2012 – Jury Verdict
On June 20, 2012 the jury found:
Tim Durham guilty on all 12 counts listed in the Superseding Indictment James Cochran guilty on 8 counts listed in the Superseding Indictment Rick Snow guilty on 5 counts listed in the Superseding Indictment. To see further information regarding each verdict click here.
6/8/2012 – Jury Trial begins
2/14/2012 - Superseding Indictment
4/6/2011 - Initial Hearing and first court appearance in U.S. District Court before Judge Kennard Foster to advise the defendant of the nature of the criminal charges and to determine if they have an attorney to represent them.
3/16/2011 - Press Release
3/15/2011 - Criminal Indictment
United States v. Timothy S. Durham, James F. Cochran, and Rick D. Snow, 1:11-CR-00042-JMS-KPF is assigned to United States District Judge Jane E. Magnus -Stinson. On March 15, 2011, a Criminal Indictment was filed in Indianapolis federal court charging Timothy S. Durham, James F. Cochran, and Rick D. Snow with 12 felony charges including conspiracy to commit wire and securities fraud.
On March 16, 2011, Timothy S. Durham, James F. Cochran, and Rick D. Snow were simultaneously arrested on charges that they obtained millions of dollars from investors' funds thorugh false and misleading pretenses, representations, and promises, concealing Fair Financial Services' true financial condition and the manner in which Fair investor money was used.
Federal crime victims* have the following rights, as set forth in the Justice for All Act of 2004, 18 U.S.C. §3771:
(1) The right to be reasonably protected from the accused.
(2) The right to reasonable, accurate, and timely notice of any public court proceeding, or any parole proceeding, involving the crime or of any release or escape of the accused.
(3) The right not to be excluded from any such public court proceeding, unless the court, after receiving clear and convincing evidence, determines that testimony by the victim would be materially altered if the victim heard other testimony at that proceeding.
(4) The right to be reasonably heard at any public proceeding in the district court involving release, plea, sentencing, or any parole proceeding.
(5) The reasonable right to confer with the attorney for the Government in the case.
(6) The right to full and timely restitution as provided in law.
(7) The right to proceedings free from unreasonable delay.
(8) The right to be treated with fairness and with respect for the victim's dignity and privacy.
(9) The right to be informed in a timely manner of any plea bargain or deferred prosecution agreement.
(10) The right to be informed of the rights under this section and the services described in section 503(c) of the Victims' Rights and Restitution Act of 1990 (42 U.S.C. 10607(c)) and provided contact information for the Office of the Victims' Rights Ombudsman of the Department of Justice.
*Under the statute, "the term ‘crime victim' means a person directly and proximately harmed as a result of the commission of a Federal offense or an offense in the District of Columbia. In the case of a crime victim who is under 18 years of age, incompetent, incapacitated, or deceased, the legal guardians of the crime victim or the representatives of the crime victim's estate, family members, or any other persons appointed as suitable by the court, may assume the crime victim's rights under this chapter, but in no event shall the defendant be named as such guardian or representative.
The United States Attorney's Office for the Southern District of Indiana is committed to protecting the rights of crime victims. If you are a victim of an offense being prosecuted by our Office, our Victim/Witness Unit can make sure that you are notified of important stages of the case to help you exercise your rights. In addition, our Victim/Witness Unit can help refer you to agencies that provide other services to witnesses, such as compensation and counseling. For information or assistance with referrals, please contact:
United States Attorney's Office
10 West Market Street, Suite 2100
Indianapolis, Indiana 46204