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
  • MET071114  St bens ellis.jpg Annual St. Ben’s community festival kicks off

    The St. Ben's Community Festival kicked off Friday night and continues from 5 p.m. until midnight today.

    July 11, 2014 4 Photos

  • MET 071114 DELISH GREENE.jpg Adding to the mix

    The mix of local food choices will get a fresh stir in the near future, as a café opens a second location, a pizza place moves downtown and a national chain sprouts in two more spots.

    July 11, 2014 4 Photos

  • MET071114 guard bennett.jpg Shift from jets to intelligence

    Loud, impressive fighter jets once zoomed regularly across the sky in Terre Haute, their roars drowning out the sounds of televisions and telephones all around the area.

    July 11, 2014 4 Photos 2 Stories

  • MET 071114 MANN P.C..jpg Candidates’ views clash over more education testing, vouchers

    Indiana needs to change direction to improve education, said Democrat Jim Mann, who will face incumbent Rep. Robert Heaton, R-Terre Haute, in a rematch race for Indiana House District 46.

    July 11, 2014 1 Photo

  • MET071114bad check.jpg Fraudulent checks with an extra ‘t’

    A Terre Haute woman who received a large check in the mail this week wants to warn others that though the check looks legitimate, it is a scam.

    July 11, 2014 1 Photo

  • Truck, van collide, stopping some U.S. 41 lanes for an hour

    Northbound traffic on U.S. 41 south of Terre Haute was blocked for about one hour Friday because of a two vehicle crash.

    July 11, 2014

  • Indianapolis closing nightlife street on weekends

    Indianapolis officials will close the main street through a nightlife district to motor vehicles on Friday and Saturday nights to reduce violence there.

    July 11, 2014

  • Man revives 3-year-old who was face down in pool

    Authorities in central Indiana say a man revived his 3-year-old son after spotting the boy face down in an apartment complex pool.

    July 11, 2014

  • Vigo County Jail Log: July 11, 2014

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

    July 11, 2014

  • New exhibits set to open at Red Skelton museum

    VINCENNES (AP) — Events are being planned for the opening of new exhibits at the museum celebrating the career of the late comedian Red Skelton in his southwestern Indiana hometown.

    July 11, 2014

  • Solar Roadways_Morg.jpg 10 Things to Know for Friday

    Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:

    July 11, 2014 1 Photo

  • council mtg 013.JPG Mayor: City will not file bankruptcy

    The Terre Haute City Council took well more than  an hour to ask questions and discuss the health of the city’s finances with top city officials in a special meeting Thursday night. A few councilmen expressed grave concern about the financial picture, while Mayor Duke Bennett said things were improving.

    July 10, 2014 2 Photos 1 Story

  • State official threatens prosecution of city leaders who talk about audit

    A state official has threatened to pursue the prosecution of city officials if they violate a confidentiality agreement signed last month.

    July 10, 2014

  • MET 071014 181 02EXPO.jpg ISU, 181st Intelligence Wing show off capabilities at expo

    Communication and getting unmanned eyes in the sky can be vital parts of responding to a natural or man-made disaster.

    July 10, 2014 3 Photos 1 Story

  • Feds relent: Military to restore equipment program for fire departments

    An agreement has been reached to keep surplus military equipment rolling into rural fire department bays in Indiana and 47 other states.

    July 10, 2014

  • united way.jpg UW kicks off pilot campaign

    Dottie King remembers the day she saw a young man leaving St. Ann’s Dental Clinic after having 17 teeth pulled. He had not received sufficient dental care before that day so his need was dramatic. That was unlike King, who had visited the dentist regularly since childhood, but still found getting a tooth filled not on her list of fun things to do. “I thought to myself, ‘I never have thought about the blessing of dental care,’” King recalled, sharing that story on Thursday morning with other volunteers for the United Way of the Wabash Valley.

    July 10, 2014 1 Photo

  • MET 071014 181 HILL.jpg Indiana’s director of homeland security sees unmanned systems’ potential

    Integrating unmanned flight systems into use for domestic surveillance can provide first responders with key information in responding to fires, earthquakes and man-made disasters, said John Hill, director of the Indiana Department of Homeland Security.

    July 10, 2014 1 Photo 1 Story

  • Stunt performer scheduled to be at Wigwam

    A celebrity stunt man named Jim “Crash” Moreau is scheduled to perform at Terre Haute’s Wigwam Skate and Event Center on Saturday.

    July 10, 2014

  • Rain barrels offered for sale

    The Vigo County Soil and Water Conservation District is taking orders for 55-gallon rain barrels.

    July 10, 2014

  • Ash.jpg Tips lead to meth lab bust

    Two people were arrested after police busted a clandestine methamphetamine lab Thursday in the 2200 block of Fourth Avenue in Terre Haute.

    July 10, 2014 2 Photos

  • 071014 meth lab items.jpg Police bust meth lab in Terre Haute

    Police busted a clandestine methamphetamine lab today in the 2200 block of Fourth Avenue in Terre Haute.

    July 10, 2014 1 Photo

  • UPDATE: Ethics panel approves $5K fine against Bennett

    INDIANAPOLIS (AP) — Indiana’s State Ethics Commission has approved a $5,000 fine against former state schools Superintendent Tony Bennett for using state resources in his 2012 campaign.

    July 10, 2014

  • Vigo County Jail Log: July 10, 2014

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

    July 10, 2014

  • Group: 5,000 same-sex marriages in Illinois

    A survey indicates thousands of same-sex couples are marrying in Illinois.

    July 10, 2014

  • Study: Hunting restores forests in state parks

    A study by a Purdue University research team has found that regulated deer hunts in Indiana state parks have helped restore forests damaged by too many white-tailed deer.

    July 10, 2014

  • MET070914 house exterior.jpg Historic Ohio Boulevard house inspired by 1948 Cary Grant movie

    Spurred in 1948 by a newly released movie staring Cary Grant and Myrna Loy, coupled with a growing post-World War II housing market, General Electric partnered with Hollywood’s RKO Studios to build “dream homes” throughout the country.

    July 9, 2014 4 Photos 1 Story

  • Detour ahead

    A panel of public and private officials is calling for $10 billion in projects to upgrade Indiana’s aging roads and bridges, but its members concede there’s no money to pay for it all.

    July 9, 2014

  • MET070814 barrels.jpg MARK BENNETT: Making road work a barrel of fun for drivers

    We’re lucky orange barrels can’t talk.

    July 9, 2014 2 Photos

  • City Council to take up city finances tonight

    The Terre Haute City Council will have a chance in a special meeting tonight to delve deeply into the city’s financial health. However, council members are being asked to avoid raising the most controversial subject of recent weeks: The city’s use of Redevelopment Commission tax increment finance (TIF) money.

    July 9, 2014

  • Bennett accepts $5,000 fine in ethics settlement

    Former Indiana Schools Superintendent Tony Bennett has agreed to pay $5,000 as part of a settlement with Indiana’s ethics watchdog in which he admits to using state resources for campaign work but is cleared of formal ethics violations in the grade-change scandal that cost him his job as Florida’s schools chief last year.

    July 9, 2014

Latest News
TribStar.com Poll
AP Video
Joy Fills Streets of Cleveland As LeBron Returns Texas Shooting Suspect Collapses in Court Raw: Rebel Leader Weds in Eastern Ukraine Raw: Israel, Gaza Exchange Rocket Fire Police: Prostitute Linked to 2nd Death Chimp-attack Victim Lobbies Congress Man Flees Police in World Cup Scalping Scheme Death Toll Tops 100 As Israel Offense Continues Robot Writes Jewish Torah Scroll LeBron James Says He's Returning to Cavaliers More Immigrants Detained Along Rio Grande Arizona Mom of Missing Baby Released From Prison WH: LeBron's Move a 'Powerful Statement' Raw: Australia Hosts Annual Beer Can Regatta Downside of Low Mortgage Rates? Less Selling Proposed Bill to Regulate NY Costumed Characters Diaz and Segel Strip Off for 'Sex Tape' Soft Robot Fish Lead New Wave of Robotics Thousands Attend NYC Firefighter's Funeral Raw: Protesters, Israeli Security Forces Clash
NDN Video
Cleveland welcomes home LeBron Houston Killer Collapses in Court When Read Capital Murder Charges for Allegedly Killing Family of Six Worst Valet Ever Wrecks $500K Lamborghini Glee Star Becca Tobin's Boyfriend Matt Bendik Found Dead in Hotel Aerial fish restocking in Utah ScarJo Channels Marilyn Monroe Obama Responds to Hecklers on Immigration Tiny Hamsters Who Ate Burritos are Back for a Tiny Hedgehog's Party Watch Kelly Ripa Get Soaked! 'Referee' Hands Out Yellow Cards for Social Faux Pas in NYC 2014 Emmy Nominees: 8 Snub Shockers Emma Watson Is Va-Va-Voom in Valentino 7 Infamous Sports Blowouts Argentina tops Holland in World Cup semifinals News flush: Japanese toilet exhibition making a splash Emmy Nominations: What to Watch For 'Game of Thrones' Leads 66th Emmy Awards Nominations Photographic 'Proof' That LeBron Is Leaving Miami - @TheBuzzeronFOX Elephant Pool Party at The Oregon Zoo Must-See! Berry and Fallon Form Human Hamster Wheel
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