Posted: Sep 8, 2010 9:02 PM by Alison Haynes
Updated: Sep 8, 2010 9:02 PM
PHILADELPHIA (AP) - The former CEO of entertainment company
National Lampoon Inc. has been sentenced in Philadelphia to nearly
four years in prison in a stock price manipulation scheme.
Federal prosecutors say 48-year-old Daniel Laikin 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
Laikin was sentenced Wednesday to three years and nine months.