DOW JONES NEWSWIRES
National Lampoon Inc. (NLMP) Chief Executive Daniel Laikin was
sentenced to 3 3/4 years in prison Wednesday for his part in a
conspiracy to manipulate the company's stock price in 2008, said
U.S. Attorney Zane David Memeger in Philadelphia.
Laikin, 48, of Indianapolis and Los Angeles, also was fined
$100,000, and still faces civil charges from the Securities and
Exchange Commission.
A year ago, he pleaded guilty to conspiracy to commit securities
fraud. As part of his plea, he admitted that he intended to cause
between $2.5 million and $7 million in losses through a scheme in
which he paid illegal kickbacks to a number of people to generate
buying in National Lampoon stock.
The purchases were intended to make it look like there was
significant investment interest in the stock so the public would
buy shares and boost the stock price. Laikin planned to use the
inflated stock to defraud business partners.
After the fraud was discovered, National Lampoon's stock was
removed from the American Stock Exchange and its price sank.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com