Bad Joke: National Lampoon Execs Hit With Fraud Charges
This story was written by David Kaplan.
It probably won't rise to the level of the Bernie Madoff scandal, but it's not a joke either. The Securities and Exchange Commission has filed charges against National Lampoon CEO Daniel Laikin and several other execs in a Philadelphia civil court. The execs are accused of manipulating the entertainment company's stock price, Tech Daily Trader reports. Separately, the Justice Department is also looking at possible stock fraud at the company. In a statement, DOJ says that Laikin and others conspired to pay others to inflate the company's stock price. The alleged conspiracy occurred between March and June 2008. If convicted of all charges, Laikin and the other defendants could face up to 25 years in prison. Eduardo Rodriguez, who is alleged to have enlisted Tim Doughertydescribed as a stock promotedto bid up the stock, faces up to 80 years in prison. Dougherty was paid roughly $40,000 for his work,
By David Kaplan