Ind. financier gets 50 years for $200m swindle

Last Updated: Fri, Nov 30, 2012 19:30 hrs

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.

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