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Timothy Durham is taken into custody by FBI Agents at the Federal Building in Westwood, Calif. on Wednesday. Durham, a former Indiana businessman who served as National Lampoon�s chief executive was arrested Wednesday on charges that he operated an elaborate Ponzi scheme that defrauded investors of more than $200 million and helped pay for his lavish lifestyle, including $250,000 he allegedly spent to revamp his home�s garage. A federal grand jury indictment unsealed Wednesday in Indianapolis charges Timothy Durham, business partner James F. Cochran and their accountant, Rick D. Snow, with 12 counts, including conspiracy to commit wire and securities fraud, wire fraud and securities fraud. (AP Photo/Los Angeles Times, Mark Boster)
Fair Finance co-owners James Cochran and Timothy Durham along with the Akron company's former chief financial officer, Rick Snow have been indicted on charges of defrauding investors of more than $200 million, the U.S. Attorney's office in Indianapolis announced today.