INDIANAPOLIS – A former Indianapolis businessman who prosecutors say masterminded a Ponzi scheme that defrauded investors in an Ohio company of $200 million says jurors at his trial last year should not have heard wiretapped conversations.
The Indianapolis Business Journal reports attorneys for Tim Durham and his two co-defendants, Jim Cochran and Rick Snow, filed a 92-page brief with the 7th Circuit Court of Appeals in Chicago seeking to overturn their convictions in the scheme at Akron-based Fair Finance Co.
The brief says investigators should not have been allowed to conduct wiretaps without first demonstrating that ordinary investigative techniques failed or were unlikely to succeed.
The wiretaps captured Durham and Cochran discussing ways to keep Fair Finance afloat in the weeks before the FBI raided its offices in November 2009. More than 5,000 Ohio residents purchased unsecured investment certificates from Fair Finance.
The wiretaps caught Durham discussing ways to recast Fairs financial statements so that Ohio securities regulators might allow the company to sell additional certificates.