A former businessman who served for years as National Lampoon's chief executive was arrested on charges he ran an elaborate pyramid scheme that defrauded investors of more than $200 million to help fund a lavish lifestyle, including a $250,000 revamp of his luxury home's garage.
A federal grand jury indictment unsealed Wednesday in Indianapolis charges Timothy Durham, business partner James F. Cochran and their accountant, Rick D. Snow, with 12 counts, including conspiracy to commit wire and securities fraud, wire fraud and securities fraud.