Dan Snierson
March 16, 2011 AT 12:00 PM EDT

Timothy Durham, the president and chief executive office of National Lampoon, Inc. — the comedy company that brought you such movies as Animal House and Vacation — was arrested on Wednesday for allegedly perpetrating a $200-million Ponzi scheme involving a business loan company, according to Reuters. Durham, 48, and two former executives at Fair Financial Services — a company that Durham co-owned — were charged on Tuesday with wire and securities fraud in a federal indictment. The charges allege that Durham and one of his co-defendants used investor funds to “maintain their lifestyles and to pay for personal expenses.” When contacted by EW, a National Lampoon spokesperson declined to comment.

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