INDIANAPOLIS – A former chief executive of National Lampoon and two co-conspirators could face life in prison for swindling investors out of about $200 million.
U.S. District Judge Jane Magnus-Stinson scheduled sentencing Friday for Timothy Durham, James Cochran and Rick Snow. The three were convicted on fraud and conspiracy charges in June.
Prosecutors want life sentences for all three men. They say the three stripped Akron, Ohio-based Fair Finance of its assets and used the money to buy classic cars and other luxury items and to keep another Durham company afloat.
Durham's attorney wants the former National Lampoon executive sentenced to three years in prison and two years home detention. Cochran and Snow also have asked for lighter sentences than those recommended.