National Lampoon CEO pleads guilty to conspiracy in stock price manipulation
By APWednesday, September 23, 2009
National Lampoon CEO pleads guilty to conspiracy
PHILADELPHIA — The CEO of National Lampoon Inc. has pleaded guilty to conspiracy.
Federal prosecutors in Philadelphia say CEO Daniel Laikin was part of a plot to artificially inflate the company’s stock price by paying people to buy shares. The 47-year-old man, who lives in Indianapolis and Los Angeles, pleaded guilty to conspiracy Wednesday. Prosecutors dropped a count of securities fraud in exchange.
Prosecutors say Laikin and others hoped to push the price of the shares from $2 to $5 to boost its attractiveness in a strategic partnership or acquisition. The shares were trading on the American Stock Exchange at the time but prosecutors say they’ve since become an over-the-counter penny stock.
Defense lawyer Joseph Poluka did not immediately respond to a message seeking comment.
