What is the world coming to? First Madoff, and now this… The SEC has sued the CEO of comedy media company National Lampoon for market manipulation:
Daniel S. Laikin, National Lampoon’s CEO, Charged with Paying Kickbacks in Exchange for Manipulating the Market for National Lampoon’s Stock
The Securities and Exchange Commission announced that today it charged seven individuals and two corporations with engaging in three separate fraudulent schemes to manipulate the market for publicly traded securities through the payment of prearranged kickbacks. The defendants include National Lampoon, Inc. and its CEO, Daniel S. Laikin, as well as stock promoters, a consultant, and an officer of another company. The United States Attorney for the Eastern District of Pennsylvania today separately announced criminal charges involving the same conduct.
Note that Laikin seems to have done a poor job of market maniuplation. Shares currently trade around $.73.