Authorities Investigating $200 Million Ponzi Scheme

Federal authorities are investigating an alleged $200 million Ponzi scheme headed by the chief executive officer of National Lampoon Inc.

Timothy Durham, 48, has been named in a federal grand jury indictment of defrauding investors through his loan company. He then used the money to support expensive cars and homes, as well as an 100-foot yacht and a personal jet. This arrest is the final effort of two years spent by the FBI who have been following his case. They raided two of his businesses - Fair Financial of Akron, Ohio, and Obsidian Enterprises of Indianapolis - last week.

The 23-page indictment also names James F. Cochran and Rick D. Snow as co-conspirators. All three men now face 12 counts in connection with wire and securities fraud each. Although he could not be reached for comment

Durham will be back in the public eye on Wednesday where he is scheduled to appear at the U.S. District Court in Los Angeles.

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