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CEO of National Lampoon Inc. Arrested
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Federal authorities said, the CEO of National Lampoon Inc., and the "Vacation" movie franchise, was arrested early Wednesday in West Hollywood in connection with an alleged $200-million Ponzi scheme. According to Wikipedia, A Ponzi Scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors.
Timothy Durham is being accused in a federal grand jury indictment of defrauding investors through his loan company and using the money to keep a lavish lifestyle with expensive homes, cars, a 100-foot yacht and traveling on a personal jet.
Durham along with James F. Cochran and Rick D. Snow are all facing 12 counts each in connection with securities and wire fraud. "Instead of using the majority of the money that Fair raised from investors through the sale of investment certificates for Fair's consumer financing business, Durham and Cochran began using investor money to make loans to themselves, to their family, friends, and acquaintances, and to businesses they owned or control," the indictment stated.
Being accused of a serious charge such as wire fraud is a life changing event. It is important that you hire a knowledgable and skillful attorney that has experience in these types of cases. The attorneys at the Hedding law firm have a combined 75 years of experience and will work diligently to make sure they devise the proper plan of action for your unique case.
Contact our office today to set up a free face-to-face consultation. |
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Posted By Admin on
March 18, 2011 01:07 pm |
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