Compliancex

Timothy S. Durham, the former chief executive officer of National Lampoon Inc., was convicted of defrauding investors in a company he partly controlled.

A federal jury in Indianapolis deliberated for less than a day before reaching a verdict yesterday in a trial that began June 8. Durham was found guilty of all 10 counts of wire fraud and one count of securities fraud, each punishable by as long as 20 years in prison, and one count of conspiring to commit those crimes.

Durham, the CEO of Indianapolis-based buyout firm Obsidian Enterprises Inc. and a Republican Party fundraiser, was indicted with two other men last year and accused of defrauding 5,000 investors in a $200 million scheme involving the sale of interest-bearing notes by Akron, Ohio-based Fair Finance Co.

Read the full story at Investment News.

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