National Lampoon CEO gets 50 years for $200 million swindle
An Indiana financier and former chief executive of National Lampoon convicted of swindling investors out of about $200 million was sentenced Friday to 50 years in prison.
U.S. District Judge Jane Magnus-Stinson sentenced Timothy Durham. Two of Durham’s associates, James Cochran and Rick Snow, were to be sentenced later Friday.
A jury in June found the three men guilty of securities fraud and conspiracy. It also convicted Durham, a major Indiana Republican Party donor who resigned his post at National Lampoon in January, of 10 counts of wire fraud, while Cochran and Snow were convicted on some of those counts.
Prosecutors have said the three stripped Akron, Ohio-based Fair Finance of its assets and used the money to buy mansions, classic cars and other luxury items and to keep another of Durham’s company afloat. The men were convicted of operating an elaborate Ponzi scheme to hide the company’s depleted condition from regulators and investors, many of whom were elderly…
U.S. Attorney Joe Hogsett said none of the three has shown remorse for their crimes and each deserved the life sentence recommended in a probation report.
“Durham has earned a place among the greediest, most selfish and remorseless of criminals,” Hogsett wrote in a sentencing memorandum earlier this week…
The charges against Durham led several GOP politicians, including Indiana Gov. Mitch Daniels, to return hundreds of thousands of dollars in campaign contributions sought by Fair Finance’s bankruptcy trustee.
Any similarity to Bain Capital and other bastions of bullcrap is strictly coincidental. If you believe.