No Joke: National Lampoon Exec Faces 25 Years In Jail Over Stock Manipulation
from the what-you-get-when-chevy-chase-is-your-accountant dept
I have to be honest and admit that I had no clue that National Lampoon was even a public company, but apparently it is. Either way, the company probably best known for its various National Lampoon's Vacation movies (and, yes, I'm aware National Lampoon has done much more...) appears to be in deep deep trouble after both the SEC and the Justice Department came down hard on the company for attempted stock manipulation (Eric Savitz wins for best headline on this one: Coming Soon: National Lampoon's Litigation Vacation). Apparently, the company's CEO allegedly paid stock promoters to illegally manipulate the stock upwards, giving them kickbacks for buying the stock in order to increase the price beyond what the market had decided the stock was worth. On top of that, he was accused of providing the stock promoters with confidential and non-public information. If convicted, National Lampoon's CEO could face 25 years in jail. Stock manipulation is no laughing matter, apparently.