Fair Finance Co.’s bankruptcy trustee this week sued National Lampoon Inc. seeking to recover millions of dollars that indicted financier Tim Durham provided the ailing Los Angeles-based comedy business over the past decade.
Fraud suspect Tim Durham was released from a halfway house on Monday, after a more thorough accounting of his finances was presented to a federal magistrate. Durham had been at the Indianapolis facility since Wednesday.
Defense attorneys representing indicted businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. could have a hard time convincing a jury to find them innocent. Federal prosecutors won 94.1 percent of their cases in 2009.
Beleaguered local businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. have been indicted on felony charges of wire fraud, securities fraud and conspiracy to commit wire fraud and securities fraud. The Securities and Exchange Commission also filed a complaint against the men in federal court.
For the past decade, Indianapolis-based professional speaker Scott McKain has used his experience at Obsidian Enterprise Inc. as the centerpiece of his marketing pitch, but Obsidian is not the success his bio advertises it to be.
Fair Finance Co.’s bankruptcy trustee alleges Tim Durham perpetrated a fraud of "shocking proportions,” draining huge sums from the Akron, Ohio, firm for years to mask that his business empire had collapsed.