National Lampoon CEO accused of stock fraud

[Newsjock]

Source: Associated Press

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.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/12/15/financial/f110156S76.DTL&type=business

[Amonester]

1. Just another "the market will regulate itself" bunch of good people!

:sarcasm:

The centrist-right's to the far-right's will still "try" to catapult their destructive BS 'til the day they'll die, though.

Ain't That Rich...

On edit: Who's next?

[Dr.Phool]

2. E tu, Bluto?

AAAGH!!

[PSPS]

3. Isn't this what the Reagan-created "Plunge Protection Team" does every day?

[MilesColtrane]

4. Buy Our Stock, Or We'll Shoot This Dog.

[Ian David]

6. Oh, you beat me to it! n/t

[Freddie Stubbs]

7. Don't forget their Ted Kennedy Volkswagon ad:

[Ian David]

5. If you don't buy our stock...

... we'll kill this dog.