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Last updated on Tuesday, June 19, 2012
(INDIANAPOLIS) - Federal prosecutors wrapped up their case Monday against a prominent Indianapolis businessman accused of bilking investors out of 200 million dollars.
The government rested its case against Tim Durham and his partners on Monday. Defense lawyers were expected to make their case today.
The jury will likely get instructions late Tuesday and begin deliberating Wednesday. Judge Jane Magnus-Stinson has told jurors they'll be sequestered if deliberations run past Wednesday.
Durham and partners Jim Cochran and Rick Snow are charged with conspiracy, wire and securities fraud. Prosecutors allege the men ran a $200 million Ponzi scheme that ripped off 5000 investors, mainly elderly people. Prosecutors have relied on federal telephone wiretaps and email among Durham and partners to build their case. Much of the correspondence involves the trio discussing the transferring of tens of millions of dollars between Durham's companies, Fair Holdings, DCI Investments and Obsidian Enterprises among others.
Prosecutors are trying to convince jurors that Durham and partners financed luxury lifestyles that included homes, fancy cars and parties at places like the Playboy Mansion among other things with investor money. They called numerous witnesses including Ohio investors Donald Russell and David Spector who say they were bilked out of hundreds of thousands of dollars. Prosecutors also played phone calls between Durham and partners discussing creative ways to explain their financial records for curious Ohio securities regulators.
If convicted, the men face years behind bars.
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