Bankruptcy Judge Orders Dan Laikin To Pay $33 Million To Fair Finance Trustee

Dan Laikin, the imprisoned former CEO of National Lampoon and brother of former Brighpoint CEO Bob Laikin, has been ordered by a federal bankruptcy trustee in Ohio to pay $33 million to Fair Finance's bankruptcy trustee. The close pal of convicted Ponzi schemer Tim Durham was sent to prison in 2010 for a stock pumping scheme he led to boost the price of National Lampoon's stock. Durham took over management of the troubled company after Laikin's conviction before he too was sent to prison for his role in defrauding the Fair Finance investors out of more than $200 million.

Judge Marilyn Shea-Stonum was critical of Laikin for withholding key evidence during discovery in his case, including the misplacement of his laptop computer and cell phone. The federal district court judge reserves the right to modify the bankruptcy court judge's order. The odds of the trustee recovering much of the judgment are slim to none. The bankruptcy trustee also won large judgments against Durham and his business partner, James Cochran, but has so far recovered very little from the pair. What little the trustee has recovered to date has largely been consumed by his own fees and expenses. The trustee spent $1.3 million to win the judgment against Laikin.

NOTE: Laikin was scheduled for release from prison on May 1, 2013.