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 This material may not be published, broadcast, rewritten or redistributed.

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