Wire taps detail Durham partner roles

INDIANAPOLIS, Ind. (WISH) - In addition to Tim Durham, the two others arrested Wednesday were James Cochran, Durham’s partner at Fair Finance, and Rick Snow, their chief financial officer. Cochran and Snow were arrested in Indianapolis, charged and released.

The feds allege that Snow, 47, and Cochran, 55, knew exactly what Durham was up to and even helped him get away with it.

Documents unsealed show, when they took Fair Finance over in 2002, Durham and Cochran immediately changed the business, using investor money to make millions in loans to themselves, all the while lying to investors about it.

24-Hour News 8 drove to Cochran's McCordsville home, but no one answered the door. Neighbors said Cochran kept to himself; thay rarely saw him.

Despite that, Cochran made headlines last March, arrested for battery and domestic battery.

The federal indictment just unsealed details how, just like Durham, Cochran received millions for homes, gambling, credit card bills and country club dues.

In one entry, from a 2009 phone tap, Cochran told Durham that they need to keep some employees, even if they're incompetent, because “These guys know a little bit too much. They can take it and bust us."

In a later phone tap, after Cochran said he lied to an investor, Durham responded, "You are the best at this."

The next day, regarding another investor, Durham told Cochran to "Use the same reason you used yesterday with the other guy."

Rick Snow was indicted because he kept all of Fair's books.

The indictment states that he either knew what was going on and covered it up, or he was reckless not to know.

In another phone tap, Durham and Snow had a conversation in which they planned to "wipe off" millions in bad debts so they wouldn't have to explain them to anyone.

24-Hour News 8 also drove to Snow's home in Fishers. Despite neighbors telling us he was there, no one answered the door. Several neighbors we spoke with called Snow a great guy.

Now a great guy, indicted on 12 counts, is facing the rest of his life in federal prison.

If convicted, Durham, Cochran and Snow will be on the hook for the $207 million the feds say were taken from investors.