INDIANAPOLIS (AP) -- An Indiana financier and the onetime chief executive of National Lampoon has been sentenced to 50 years in prison for swindling investors out of about $200 million.
U.S. District Judge Jane Magnus-Stinson sentenced Timothy Durham on Friday following his convictions in June on charges of securities fraud, conspiracy and 10 counts of wire fraud.
Prosecutors sought a life sentence for Durham after a probation report recommended a sentence of 225 years. Durham's attorney sought a sentence of three years in prison and two years of home detention.
The government accused Durham and two co-conspirators of stripping Akron, Ohio-based Fair Finance of its assets and using the money to buy mansions, classic cars and other luxury items and to keep another Durham company afloat.