March 17, 2011- 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."