No Receiver For National Lampoon In Suit Over $9M Fraud

Law360, New York (October 26, 2011, 6:20 PM EDT) -- A California federal judge refused Monday to appoint a receiver for National Lampoon Inc., ruling there wasn't enough evidence that its management — including an ex-CEO convicted of securities fraud — improperly transferred $9 million from Fair Finance Co. to conceal the media company's woes.

National Lampoon CEO Timothy Durham — who is facing allegations that he ran a Ponzi scheme — and ex-CEO Daniel Laikin — convicted of manipulating the market for company stock — made fraudulent transfers from investment company Fair Finance, where Durham...
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