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Last updated on Friday, September 28, 2012
(SEYMOUR) - A federal judge has set a November sentencing for an Indiana financier and two business associates convicted of swindling thousands of investors out of $200 million.
The Associated Press reported that Seymour native Tim Durham will be sentenced Nov. 30 along with James F. Cochran and Rick Snow by a federal judge in Indianapolis.
Prosecutors say the trio looted Akron, Ohio-based Fair Finance Co., which Durham and Cochran purchased in 2002. The men allegedly used the money to buy mansions, classic cars and other luxury items and to prop up Durham's other failing businesses. All three men face possible life sentences.
Durham and Cochran were convicted in June on federal fraud charges. Durham was convicted on 12 counts, and Cochran was found guilty on eight counts. Snow was convicted of five charges.
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