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Fri Nov 30, 2012, 07:57 AM

Ex-Nat'l Lampoon CEO to be sentenced in fraud case

Source: AP-Excite

By KEN KUSMER

INDIANAPOLIS (AP) - A former chief executive of National Lampoon and two co-conspirators face possible life sentences Friday after being convicted of swindling investors out of about $200 million.

U.S. District Judge Jane Magnus-Stinson is set to sentence Timothy Durham, James Cochran and Rick Snow following their June convictions on fraud and conspiracy charges.

A jury found each man guilty of securities fraud and conspiracy. It also convicted Durham, a major Indiana Republican Party donor who resigned his National Lampoon post 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 Durham 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.

FULL story at link.


Read more: http://apnews.excite.com/article/20121130/DA2S6JTO3.html





This undated file photo released by the U.S. Marshal's office shows accountant Rick D. Snow. U.S. District Judge Jane Magnus-Stinson is set to sentence Snow, Tim Durham, and James Cochran following their June convictions on fraud and conspiracy charges on Friday, Nov. 30, 2012. The three were convicted of swindling investors out of about $200 million. (AP Photo/ U.S. Marshal's Office)

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Reply Ex-Nat'l Lampoon CEO to be sentenced in fraud case (Original post)
Omaha Steve Nov 2012 OP
marble falls Nov 2012 #1
Octafish Nov 2012 #2
blm Nov 2012 #6
Octafish Nov 2012 #9
Berlum Nov 2012 #3
blm Nov 2012 #7
1StrongBlackMan Nov 2012 #10
Frank Cannon Nov 2012 #4
Fuddnik Nov 2012 #5
1StrongBlackMan Nov 2012 #8
closeupready Nov 2012 #11
Myrina Nov 2012 #12
windowpilot Nov 2012 #13
Eugene Nov 2012 #14
Earth_First Nov 2012 #15

Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 08:06 AM

1. Sounds like someone is trying to pitch a story. "My people have been talking to Chevy Chase's ....

people and the buzz is he's really hot for another shot at being Grizwald!" ..... "We're thinking he meets Whoopi Goldberg in State Prison and we think Reitman will do it for a piece up front!"

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 08:07 AM

2. Friends of PJ O'Rourke?

Didn't know there were lots of republicans at Natlampco.

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Response to Octafish (Reply #2)

Fri Nov 30, 2012, 09:38 AM

6. Lampoon stopped being funny and relevant when it morphed into a corporate-run machine

only looking for the quickest and cheapest way to make a buck in the 80s.

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Response to blm (Reply #6)

Fri Nov 30, 2012, 10:39 AM

9. I hear ya.

Nothing says not funny like the Organization Man. I believe I met the old owner and publisher, Matty and his daughter, way back in March 1976 when I was young and certain. Fine people, they, who listened to my pitch for using humor as the "ripple" to get the ocean in sync for the sake of goodness. Caused a bit of a stir on Madison Avenue, I understand. They ended up cashing in at the top of the publishing boom. Me, I returned to Michigan, broke, but determined to be the best Puerto Rican cross-country skiing science fiction cartoonist ever to walk the backstreets of Motown.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 08:09 AM

3. Republican 'Values"

As usual.

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Response to Berlum (Reply #3)

Fri Nov 30, 2012, 09:42 AM

7. It IS their values. College Republicans learn early on to exploit elderly for party fundraising.

They have been known to return time and again for donations from elderly targets struggling with senility and alzheimers.

http://seattletimes.com/html/localnews/2002075044_repubs28m.html

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Response to blm (Reply #7)

Fri Nov 30, 2012, 10:44 AM

10. These heartless, soul-less ...

bastard need to go to jail!

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 08:11 AM

4. I didn't even know National Lampoon was still around.

I thought that magazine went out of business in the early 90s.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 08:37 AM

5. "But Judge, we were just joking".

Now we know why Nat Lamp stopped being funny years ago. Repukes took it over.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 10:37 AM

8. Quick Question ...

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 Durham company afloat.


How is this different from what bain, and most venture capitalist firms, does?

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Response to 1StrongBlackMan (Reply #8)

Fri Nov 30, 2012, 10:53 AM

11. The difference may be these guys were stupid.

I mean, the question is a good one; I don't know the answer.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 11:12 AM

12. Durham is a sleazeball. And that headline scared me ....

.... one of the owners of the hockey team here in Indy was also a National Lampoon Exec.

I never realized Durham was involved also -- Gawd I hope they weren't besties.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 11:35 AM

13. I need a four foot gal, with a flat head

 

to set my beer on. Early 80's edition.

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 06:27 PM

14. Ex-National Lampoon CEO sentenced to 50 years in jail

Source: Associated Press

Ex-National Lampoon CEO sentenced to 50 years in jail

3:25PM EST November 30. 2012 - INDIANAPOLIS (AP) A financier and former chief executive of humor magazine 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 said the case against Timothy Durham was characterized by "deceit, greed and arrogance" and that Durham had violated the trust of thousands of small investors from the American Heartland.

-snip-

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.

-snip-


Read more: http://www.usatoday.com/story/money/business/2012/11/30/national-lampoon-ceo-50-year-jail-sentence/1738073/

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Response to Omaha Steve (Original post)

Fri Nov 30, 2012, 06:33 PM

15. You serious, Clark? n/t

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