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National Lampoon CEO Sentenced to 45 Months for Stock Price Manipulation
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PHILADELPHIA (CBS/AP) The jokes on you, National Lampoon CEO Daniel Laikin.
The former chief executive of the comedy entertainment company has been sentenced in Philadelphia to nearly four years in prison in a stock price manipulation scheme.
Federal prosecutors say the 48-year-old plotted to artificially inflate the company's stock price by paying people to buy shares. They dropped a count of securities fraud last fall when Laikin pleaded guilty to conspiracy.
Prosecutors say Laikin and others hoped to push the share price from $2 to $5 to boost the company's attractiveness in a strategic partnership or acquisition. They say the company was removed from the American Stock Exchange and its share price plummeted.
The company owned the rights to the "Vacation" and "Animal House" movies.
Laikin was sentenced Wednesday to three years and nine months.
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