Back in March of 2011, I noted the arrest of Timothy Durham, the CEO of National Lampoon Inc., on fraud charges. Specifically, he was accused of running a giant Ponzi scheme.
I missed the followup on this; it doesn’t seem to have gotten a lot of play in the press, plus it took place shortly after things went south for the winter for me. Anyway, Durham was tried, convicted, and sentenced at the end of November:
A jury on June 20 found Durham guilty of all 10 counts of wire fraud and one count of securities fraud, each punishable by as long as 20 years in prison, and one count of conspiring to commit those crimes. Jurors deliberated for less than a day after a 10-day trial.
Durham was sentenced to 50 years in prison. The prosecution was asking for up to 225 years.
Durham’s co-conspirators, James Cochran and Rick Snow, were also convicted. Cochran got 25 years (against 145 years requested by the prosecution) and Snow got 10 years (the prosecution was asking for 85).