Ind. accountant get 10 years in Ponzi scheme - 13abc.com Toledo (OH) News, Weather and Sports

Ind. accountant get 10 years in Ponzi scheme

INDIANAPOLIS (AP) - An accountant convicted along with two business associates in a Ponzi scheme the bilked investors out of about $200 million has been sentenced to 10 years in prison.

U.S. District Judge Jane Magnus-Stinson sentenced Rick D. Snow on Friday afternoon for his role in the scheme that cost some investors their life savings.

Snow was sentenced after former Indiana financier Timothy Durham received a 50-year sentence and business associated James Cochran was sentenced to 25 years.

Durham and Cochran were convicted in June on federal fraud charges. Durham was convicted on 12 counts and Cochran was found guilty on eight counts. Snow was convicted of 5 different charges.

Prosecutors say the three plundered Akron, Ohio-based Fair Finance of its assets and used the money to fund luxurious lifestyles.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • RegionalMore>>

  • McComb boil advisory lifted

    McComb boil advisory lifted

    Tuesday, July 22 2014 2:20 PM EDT2014-07-22 18:20:49 GMT
    The village of McComb's boil advisory is no longer in effect.
    The village of McComb's boil advisory is no longer in effect.
  • Dayton Air Force base plans hundreds of layoffs

    Dayton Air Force base plans hundreds of layoffs

    Tuesday, July 22 2014 9:55 AM EDT2014-07-22 13:55:41 GMT
    DAYTON, Ohio (AP) - Civilian employees at Ohio's largest military base will have until Aug. 1 to notify officials if they plan to retire or leave with incentives ahead of hundreds of layoffs this fall. The incentives are meant to encourage employees at Wright-Patterson Air Force Base near Dayton to leave voluntarily before the base eliminates 372 workers by Oct. 1. The Air Force says it will save $1.6 billion by eliminating more than 3,400 jobs throughout the service. Base spokesman Daryl Ma...
    DAYTON, Ohio (AP) - Civilian employees at Ohio's largest military base will have until Aug. 1 to notify officials if they plan to retire or leave with incentives ahead of hundreds of layoffs this fall. The incentives are meant to encourage employees at Wright-Patterson Air Force Base near Dayton to leave voluntarily before the base eliminates 372 workers by Oct. 1. The Air Force says it will save $1.6 billion by eliminating more than 3,400 jobs throughout the service. Base spokesman Daryl Ma...
  • Donations to Ohio State rise again

    Donations to Ohio State rise again

    Ohio State University says it took in a near-record $404 million in donations in the past 12 months.
    Ohio State University says it took in a near-record $404 million in donations in the past 12 months.
  • Top StoriesMore>>

  • Breaking News

    Body of missing BGSU grad found in landfill

    Body of missing BGSU grad found in landfill

    Tuesday, July 22 2014 6:01 PM EDT2014-07-22 22:01:50 GMT
    A young man's body was found in a landfill in Lorain County Tuesday. Sheriff's investigators say the body is that of 22-year-old Cory Barron of Fremont. The BGSU graduate was last seen Friday at a concert at Progressive Field. Investigators say he left one group of friends to meet another and then vanished. An autopsy is set for Wednesday to determine how he died.
    A young man's body was found in a landfill in Lorain County Tuesday. Sheriff's investigators say the body is that of 22-year-old Cory Barron of Fremont. The BGSU graduate was last seen Friday at a concert at Progressive Field. Investigators say he left one group of friends to meet another and then vanished. An autopsy is set for Wednesday to determine how he died.
  • TPD looking for suspects who robbed 2 teenage boys

    TPD looking for suspects who robbed 2 teenage boys

    Tuesday, July 22 2014 6:13 PM EDT2014-07-22 22:13:17 GMT
    Toledo police are looking for the suspects who robbed two teens."As soon as we can get those pictures out for the public to view. We'll have those out. I'm confident we'll be able to catch and i-I the suspects after that's released," said Toledo police Sgt. Joe Heffernan. Toledo police say they were able to pull photo's of several suspects who followed two teenage boys on the University of Toledo trail and robbed them. "They felt that they were being followed by a group of other juveniles so ...
    Toledo police are looking for the suspects who robbed two teens."As soon as we can get those pictures out for the public to view. We'll have those out. I'm confident we'll be able to catch and i-I the suspects after that's released," said Toledo police Sgt. Joe Heffernan. Toledo police say they were able to pull photo's of several suspects who followed two teenage boys on the University of Toledo trail and robbed them. "They felt that they were being followed by a group of other juveniles so ...
  • New BOE, new direction says Husted

    New BOE, new direction says Husted

    Tuesday, July 22 2014 6:05 PM EDT2014-07-22 22:05:09 GMT
    Ohio Secretary of State, Jon Husted (R), made an unusual appearance in Toledo, Tuesday, to give a pep talk to the new Lucas County Board of Elections.
    Ohio Secretary of State, Jon Husted (R), made an unusual appearance in Toledo, Tuesday, to give a pep talk to the new Lucas County Board of Elections.

Area Events Calendar

See It, Shoot It, Send It!