News From Terre Haute, Indiana

Local & Bistate

November 30, 2012

Indiana financier gets 50 years for $200m swindle

INDIANAPOLIS — An Indiana financier and former chief executive of National Lampoon convicted of swindling investors out of about $200 million was sentenced today to 50 years in prison.

U.S. District Judge Jane Magnus-Stinson said the case against Timothy Durham was characterized by “deceit, greed and arrogance” and that Durham had violated the trust of thousands of small investors from the American Heartland.

“We drive Chevys and Buicks and Ford, not Ducatis. That’s how most of us roll,” Magnus-Stinson said. “When they’re defrauded, it is the most serious offense because it undermines the fabric of this country.”

Two of Durham’s associates, James Cochran and Rick Snow, were to be sentenced later today.

A jury in June found the three men guilty of securities fraud and conspiracy. It also convicted Durham, a major Indiana Republican Party donor who resigned his post at National Lampoon in January, of 10 counts of wire fraud, while Cochran and Snow were convicted on some of those counts.

Prosecutors have said the three stripped Akron, Ohio-based Fair Finance of its assets and used the money to buy mansions, classic cars and other luxury items and to keep another of Durham’s company afloat. The men were convicted of operating an elaborate Ponzi scheme to hide the company’s depleted condition from regulators and investors, many of whom were elderly.

Durham’s attorney, John Tompkins, argued at trial that Durham and the others were caught off-guard by the economic crisis of 2008, and bewildered when regulators placed them under more strict scrutiny and investors made a run on the company.

Attorneys for all three men had asked the judge for lighter sentences than those recommended. Tompkins sought a total of five years for Durham — three years in prison and two years of home detention.

Prosecutors had wanted 225 years for Durham. Magnus-Stinson said she couldn’t sentence him to that much because that number would be as “puffed up” as statements that he held $280 million in assets. But she clearly showed her displeasure with Durham, telling him he had been “raised better” and noting that though he testified that he “felt terribly” for the victims, he had shown no sincere remorse.

Barbara Lukacik, 74, an Ohio nun who said she lost $125,000 in the Fair Finance collapse, said she had forgiven Durham and the others but testified before the sentencing that a lengthy sentence was warranted.

“If you receive a short sentence — a slap on the wrist, so to say — I do not think it will be enough time for your heart and your conscience to realize your sin and your greed,” she said.

The charges against Durham led several GOP politicians, including Indiana Gov. Mitch Daniels, to return hundreds of thousands of dollars in campaign contributions sought by Fair Finance’s bankruptcy trustee.  

Associated Press writers Rick Callahan and Ken Kusmer in Indianapolis contributed to this story.

 

1
Text Only | Photo Reprints
Local & Bistate
  • MET072914leo screen.jpg Slick’s debut

    Bobby “Slick” Leonard was the main attraction but his hometown, Terre Haute, was constantly in the background as friends, fans and family gathered in Indianapolis Tuesday night to honor the man famous for the words “Boom Baby.”

    July 29, 2014 8 Photos

  • MET 072914 TAJIMI YANASE.jpg Sister-city students get a dose of ‘new culture’

    One of Juri Sawada’s dreams has been to visit America.

    July 29, 2014 3 Photos

  • Motion delays trial for 2012 homicide

    A man who has been jailed about 20 months in connection with the homicide of his wife will not go on trial next week as scheduled.

    July 29, 2014

  • Sheriff charged in prostitution case

    Clark County Sheriff Danny Rodden has spent more than 30 years in law enforcement working to protect the public from criminals, but on Tuesday he was treated as one.

    July 29, 2014 1 Story

  • maple candy closeup.jpg Vigo Parks dishing out the sweetness

    Vigo County Parks and Recreation has made a “sweet” addition to its maple syrup production at Prairie Creek Park.

    July 29, 2014 3 Photos

  • Danny Rodden indicted on federal charges

    Instead of overseeing the operations of the Clark County jail and police force Tuesday, Clark County Sheriff Danny Rodden found himself being transported by the FBI to Indianapolis to answer federal charges.

    July 29, 2014 1 Story

  • Woman’s condition ‘fair’ after grocery store wreck

    A Terre Haute woman was listed in fair condition Tuesday at Eskenazi Health in Indianapolis as the result of injuries sustained in Monday’s accident on the Baesler’s Market parking lot.

    July 29, 2014

  • Semi driver cited for alcohol use

    A commercial vehicle driver has been placed out of service after he tested positive for alcohol consumption during a Tuesday morning traffic stop in Sullivan County.

    July 29, 2014

  • Church to give out school backpacks

    United Methodist Temple will stage its first-ever Back-2-School Bash from 5 to 7:30 p.m. on Aug. 9.
    The church is located at 5301 S. U.S. 41.

    July 29, 2014

  • Elderly woman in fair condition after accident in Baesler’s lot

    An 80-year-old Terre Haute woman is listed in fair condition today at Eskenazi Health in Indianapolis as the result of injuries sustained in Monday’s accident on the Baesler’s Market parking lot.

    July 29, 2014

  • 2 women survive ordeal along Indiana rail bridge

    BLOOMINGTON, Ind. (AP) — A video camera captured the terrifying plight of two women who became trapped on an 80-foot-high railroad bridge by a freight train that surprised them as they walked along the tracks.

    July 29, 2014

  • Vigo County Jail Log: July 29, 2014

    The following individuals were booked into the Vigo County Jail by area law enforcement on Monday and Tuesday, based on jail records.

    July 29, 2014

  • Illinois to ask voters about taxing millionaires

    BERWYN, Ill. (AP) — Gov. Pat Quinn has signed legislation allowing voters to weigh in on whether Illinois millionaires should pay more income tax.

    July 29, 2014

  • Illinois woman dies retrieving phone from fire

    BARTONVILLE, Ill. (AP) — Authorities say a central Illinois woman is dead after running back into her burning home to get her cell phone. A police officer who tried to save her was hospitalized.

    July 29, 2014

  • Ivy Tech names Jeff Fanter senior VP, Anne Valentine VP

    Ivy Tech Community College President Thomas J. Snyder announced the promotion of Jeff Fanter to the role of senior vice president for student experience, communications and marketing and Anne Valentine to the role of vice president for student experience and customer service.

    July 29, 2014

  • Change in traffic patterns at U.S. 41 intersection improvement project

    VIGO COUNTY, Ind. – The Indiana Department of Transportation reminds motorists the intersection improvement project on U.S. 41 from just south of Interstate 70 to just south of Johnson Drive has switched traffic phases. Traffic is prohibited from turning left off of U.S. 41 at both Johnson and Davis Drives.

    July 29, 2014

  • IU commemorating WWI centennial in 2014-15

    INDIANAPOLIS (AP) — Indiana University plans to spend the upcoming academic year exploring the lingering impact of World War I.

    July 29, 2014

  • Indiana higher ed chief rolls out class load campaign

    INDIANAPOLIS (AP) — Indiana’s higher education commissioner wants college students to get the message that they should take at least 15 credit hours each semester if they expect to graduate on time.

    July 29, 2014

  • Indiana higher ed chief rolls out class load campaign

    Indiana's higher education commissioner wants college students to get the message that they should take at least 15 credit hours each semester if they expect to graduate on time.

    July 29, 2014

  • MET 072814 BUS MEYERROSE.jpg Bus safety features

    New safety features on South Vermillion School Corp. buses have led to fewer disciplinary problems and fewer incidents of motorists illegally passing stopped school buses, officials say.

    July 29, 2014 3 Photos

  • Pendergast.jpg Humvee driver says foot caused fatal accident

    Kyle Pendergast, 22, the Terre Haute driver of a black Humvee charged with operating a vehicle while intoxicated causing the death of a teenager, has told police he could not turn the wheel before the vehicle flipped in a field in an early Saturday morning accident.

    July 29, 2014 1 Photo

  • MET 072814 CONTAMINATED Cleaner may have contaminated water

    Groundwater and soil testing is set to begin within a week to learn whether toxic chemicals might have seeped into the wells of a small southside neighborhood and even beyond.

    July 29, 2014 3 Photos

  • Housing Authority’s Warren Village nearing completion

    Construction on the newest Terre Haute Housing Authority property – Warren Village – should wrap up next month, a housing authority official said Monday.

    July 29, 2014

  • rush-hr.jpg Observers predict ‘wide open’ process of picking next chief

    State Supreme Court Chief Justice Brent Dickson surprised observers in June when he decided to step down after a brief tenure as the state’s top judge.

    July 29, 2014 2 Photos

  • Multi-vehicle accident in parking lot

    A woman was hospitalized with injuries after a multiple-vehicle accident late Monday morning in the Baesler’s Market parking lot on Poplar Street

    July 29, 2014

  • Old National acquires Michigan bank

    Evansville-based Old National Bancorp and Grand Rapids-based Founders Financial Corp. said Monday they have finalized an agreement under which Old National will acquire Founders through a stock and cash merger.

    July 28, 2014

  • Ohio man falls to death at Cataract Falls rec area

    Indiana conservation officers are investigating the death of an Ohio man that occurred at about 4:10 p.m. Sunday at Cataract Falls State Recreation Area in Owen County.

    July 28, 2014

  • 65,000 chickens die in rural Indiana fire

    WARSAW, Ind. (AP) — Thousands of chickens have been killed in a fire on a northern Indiana farm.

    July 28, 2014

  • One person hospitalized after parking lot pile-up

    A woman was hospitalized with injuries after an accident late this morning in the Baesler’s Market parking lot.

    July 28, 2014

  • Indiana teachers worry about revamped ISTEP test

    INDIANAPOLIS (AP) — Indiana teachers are heading back to classrooms starting this week and face the daunting task of preparing students for a standardized test that’s been retooled three times since 2009.

    July 28, 2014

Latest News
TribStar.com Poll
AP Video
Girl Struck by Plane on Florida Beach Dies Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant US Ready to Slap New Sanctions on Russia Rodents Rampant in Gardens Around Louvre Raw: Massive Explosions From Airstrikes in Gaza Boater Rescued From Edge of Kentucky Dam Kerry: Not Worried About Israeli Criticism House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: NH Man Held on $1M in Teen's Kidnapping Giant Ketchup Bottle Water Tower Up for Sale Raw: Earthquake Rocks Mexico's Gulf Coast Raw: Aftermath, Artillery Shells Hit Donetsk Easier Nuclear Construction Promises Fall Short Gaza Official: at Least 100 Killed Tuesday Kerry: Humanitarian Cease-fire Efforts Continue Jury Awards Ventura $1.8M in Defamation Case Crayola Announces Family Attraction in Orlando Judge OKs Record-setting $2B Sale of Clipper Fox Dons 'Bondage Strap' Skirt at Comic-Con
NDN Video
Weird 'Wakudoki' Dance Launches Promotional Competition Two women barely avoid being hit by train Chris Pratt Adorably Surprises Kids at a 'Guardians of the Galaxy' Screening Chapter Two: Designing for Naomi Watts NOW TRENDING: Peyton Manning dancing at practice "The Bachelorette" Makes Her Decision Thieves pick the wrong gas station to rob Golden Sisters on '50 Shades' trailer: 'Look At That Chest!' Staten Island Man's Emotional Dunk Over NYPD Car - @TheBuzzeronFOX GMA: Dog passes out from excitment to see owner Baseball Hall of Famers Inducted 'Hunger Games: Mockingjay Part 1' Sneak Peek Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity