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Sentencing Friday in Akron Ponzi scheme

5:59 AM, Nov 30, 2012   |    comments
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INDIANAPOLIS -- Sentencing is set for today for former National Lampoon chief executive Tim Durham and two business associates.

Durham, along with James Cochran and Rick Snow, will be sentenced in federal court in Indianapolis for swindling thousands of investors in Akron, Ohio-based Fair Finance Company out of $200 million.

Prosecutors say Durham and his co-defendants have shown no remorse in the case and have recommended a 225-year prison sentence for Durham, which his attorney calls absurd.

Authorities say the three stripped the Akron firm of its assets and used the money to buy mansions, classic cars and other luxury items and to keep another Durham company afloat.

Durham's attorney has asked that he be sentenced to three years in prison and two years home detention.

The Associated Press

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