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Wednesday, 17 December 2008

Accused the CEO of National Lampoon Inc. and two other people of trying to inflate the company's stock price by paying people to buy shares

Federal prosecutors on Monday accused the CEO of National Lampoon Inc. and two other people of trying to inflate the company's stock price by paying people to buy shares.
CEO Daniel Laikin and two others were charged with conspiracy and securities fraud for allegedly manipulating the stock price of Los Angeles-based National Lampoon, the company that owns the rights to the "Vacation" and "Animal House" movies.
The U.S. Attorney's office in Philadelphia and the Securities and Exchange Commission said the kickbacks were paid to people to buy and hold the company's stock, creating the illusion of market interest. To make the purchases seem more legitimate, the stock buys were timed to coincide with company news releases, prosecutors said."To borrow a line from 'Animal House,' the rules lost," U.S. Attorney Laurie Magid said at a news conference.

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Disclaimer: The statements and articles listed here, and any opinions, are those of the writers alone, and neither are opinions of nor reflect the views of this Blog. Aggregated content created by others is the sole responsibility of the writers and its accuracy and completeness are not endorsed or guaranteed. This goes for all those links, too: Blogs have no control over the information you access via such links, does not endorse that information, cannot guarantee the accuracy of the information provided or any analysis based thereon, and shall not be responsible for it or for the consequences of your use of that information.
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