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Former National Lampoon chief gets 50 years for $200M swindle

7:16 PM, Nov 30, 2012   |    comments
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INDIANAPOLIS -- An Indiana financier and the onetime chief executive of National Lampoon has been sentenced to 50 years in prison for swindling investors out of about $200 million.

U.S. District Judge Jane Magnus-Stinson sentenced Timothy Durham on Friday following his convictions in June on charges of securities fraud, conspiracy and 10 counts of wire fraud.

Prosecutors sought a life sentence for Durham after a probation report recommended a sentence of 225 years. Durham's attorney sought a sentence of three years in prison and two years of home detention.

The government accused Durham and two co-conspirators of stripping Akron, Ohio-based Fair Finance of its assets and using the money to buy mansions, classic cars and other luxury items and to keep another Durham company afloat.

TOM LoBIANCO, Associated Press

Associated Press

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