Feds Say Big GOP Donor Lampooned Elderly Investors In $200M Ponzi Scheme

[a kennedy]

Timothy Durham, the chief executive officer of National Lampoon, Inc., who donated major money to Republican candidates, was arrested by the FBI Wednesday for allegedly running a $200 million Ponzi scheme.

The indictment said that Durham and an associate used loans to "maintain their lifestyles and to pay for personal expenses," according to Reuters. Durham had $150,000 wired over so he could spend it at a casino, while his associate James Cochran took $50,000 to pay country club fees, according to the indictment.

Durham served as CEO of Fair Finance, a consumer finance company in Ohio, which is at the heart of the alleged scam. As the New York Times reports, Durham was accused by a bankruptcy trustee for Fair Finance of lending himself $54 million, much of which was used to help finance a lavish lifestyle -- "at his Indianapolis home, a 45-car garage housed an Aston Martin designed to look like the car James Bond drove in Goldfinger,' while in Miami he kept a four-bedroom yacht."

The SEC said that Durham and Fair Finance chairman James Cochran "distributed large amounts of money to family members and friends, and misused investor funds to afford mortgages for multiple homes, a $3 million private jet, a $6 million yacht, and classic and exotic cars worth more than $7 million. They also diverted investor money to cover hundreds of thousands of dollars in gambling and travel expenses, credit card bills, and country club dues, and to pay for elaborate parties and other forms of entertainment."

http://tpmmuckraker.talkingpointsmemo.com/2011/03/feds_say_big_gop_donor_lampooned_elderly_investors_in_200m_ponzi_scheme.php

[Marblehead]

1. hopefully the'll

make a movie about this, should be really funny :puke: :sarcasm:

[Tippy]

2. Where is the firing squad.....?

I say we begin executing......There are so dam many crooks in this world...enough is enough..I am an opponent of the death penality...but...but...something must be done....

[EC]

3. Wow,

National Lampoon donated to Repubs?

[Vinnie From Indy]

5. NL was bought by Durham and promptly run straight into the ground

Cheers!

[Vinnie From Indy]

4. Durham was very well connected to the GOP here in Indiana

Gov. Mitch Daniels got a ton of money from Durham. Durham also used to pal around with the prosecutor of Marion County (Indy) Carl Brizzi. He would throw lavish parties at his gigantic mansion and fly in Playboy playmates from L.A. and Vegas for him and his fat, pasty white GOP friends to hang out with in his hot tub and pool.

His father-in-law Beurt Servaas taught him how to steal money the traditional GOP way and not get caught, but Timmy got way too greedy and began freelancing and innovating on his own.

This guy richly deserves to go to jail for a long time.