Business

Indiana financier gets 50 years in fraud case

INDIANAPOLIS — An Indiana financier and former chief executive of National Lampoon convicted of swindling investors out of about $200 million was sentenced Friday to 50 years in prison by a judge who told him his ‘‘deceit, greed, and arrogance’’ had cost many of his victims their life savings and dreams of a comfortable retirement.

US District Judge Jane Magnus-Stinson said Timothy Durham had violated the trust of thousands of small investors from the American Heartland who had been careful with their money and invested it with him in hopes of traveling in their retirement, paying off their mortgages, and perhaps buying a small home in Florida.

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She told the court Durham had plundered their money so he could live a luxurious lifestyle. ‘‘When they’re defrauded, it is the most serious offense because it undermines the fabric of this country,” Magnus-Stinson said.

Durham, 50, said he felt ‘‘badly’’ for all the families who lost their savings, but never admitted any wrongdoing.

Associated Press

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