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National Lampoon CEO Arrested For Alleged Ponzi Scheme

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LOS ANGELES (CBS) — The head of National Lampoon Inc. was arrested Wednesday in West Hollywood in an alleged Ponzi scheme involving about $200 million.

Timothy Durham, 48,  is the chief executive officer of the longstanding comedy franchise, which was made famous by movies like “Animal House” and the “Vacation” series.

He was indicted by a federal grand jury indictment on charges of defrauding investors through his loan company and using the money for himself, yachting and traveling on private jets, the Los Angeles Times reported.

Durham is scheduled to be in U.S. District Court in Los Angeles Wednesday afternoon.

The arrest and indictment come two years after the FBI raided two of Durham’s businesses — Obsidian Obsidian Enterprises of Indianapolis and Fair Financial of Akron, Ohio, The Times reported.

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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