Timothy Durham, 48, is accused in a federal grand jury indictment of defrauding investors through his loan company and using the money to support expensive homes and cars, a 100-foot yacht and travel on a personal jet.
The arrest and indictment come two years after the FBI raided two of Durham's businesses -- Obsidian Enterprises of Indianapolis and Fair Financial of Akron, Ohio. Also named in the 23-page grand jury indictment were business associates James F. Cochran and Rick D. Snow.
Durham became CEO of National Lampoon in 2009 after his predecessor, Donald Laikin, was arrested and charged in 2008 with allegedly manipulating the stock of the Los Angeles-based company.
TIMOTHY S. DURHAM has served as a director of National Lampoon since 2002. He is the Chief Executive Officer and Chairman of the Board of Directors of Obsidian Enterprises, Inc. (formerly Danzer Corporation) and has held these positions since June 2001. Since April 2000, he
has served as a Managing Member and the Chief Executive Officer of Obsidian Capital Company LLC, which is the general partner of
Obsidian Capital Partners LP. Mr. Durham founded in 1998, and since then has maintained a controlling interest in, several investment
funds, including Durham Capital Corporation, Durham Hitchcock Whitesell and Company LLC, and Durham Whitesell Associates LLC.
From 1991 to 1998, Mr. Durham served in various capacities at Carpenter Industries, Inc., including as Vice Chairman, President and Chief
Executive Officer. Mr. Durham serves as a director of Obsidian Enterprises, Inc., a public company.