What is it with rich white men and their ponzi schemes? It’s not as if Bernie Madoff or this guy, Timothy Durham, didn’t have highly paid jobs already. No doubt psychology professors are researching this very issue, so for their benefit, another example courtesy of the LA Times:
The chief executive officer of National Lampoon Inc., the comedy brand behind “Animal House” and the “Vacation” movie franchise, was arrested early Wednesday in West Hollywood in connection with an alleged $200-million Ponzi scheme, federal authorities said.
Timothy Durham, 48, is accused in a federal grand jury indictment of defrauding investors through his loan company and using the money to support expensive homes and cars, a 100-foot yacht and travel on a personal jet.
The arrest and indictment come two years after the FBI raided two of Durham’s businesses — Obsidian Enterprises of Indianapolis and Fair Financial of Akron, Ohio. Also named in the 23-page grand jury indictment were business associates James F. Cochran and Rick D. Snow.
All three each face 12 counts in connection with securities and wire fraud. Durham, who could not immediately be reached for comment, is scheduled to appear Wednesday afternoon in U.S. District Court in Los Angeles…
More on Mr. Durham’s journey from Animal House to the Big House in the LA Times.