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Tag: stock fraud

Democratic Lawmakers Call for More Study to Determine Fallout of ‘Stand Your Ground’ Laws

Steve Neavling
ticklethewire.com

A Congresswoman is calling for the Justice Department to study the racial impact of “Stand Your Ground” laws, the Cleveland Plain Dealer reports.

Rep. Marcia Fudge, D-Cleveland, and a group of Democratic lawmakers sent a letter Tuesday to AG Eric Holder to plead for more documentation and study of the laws that permit people to use deadly force before retreating. More than two dozens states have laws similar to “Stand Your Ground.”

The letter states that “Stand Your Ground” laws “are contributing to increases in homicides and firearm injuries and are exacerbating racial disparities in the criminal justice system.”

No Laughing Matter: Ex-National Lampoon CEO Pleads Guilty in Stock Fraud Scheme

national-lampoon

By Allan Lengel
ticklethewire.com

Under the category of “no laughing matter” comes Daniel Laikin, 47, the former CEO of National Lampoon.

Laikin,  a resident of both Indianapolis and Los Angeles, pleaded guilty on Wednesday in Philadelphia to conspiracy to manipulate the humor company’s stock price from March through June 2008 by artificially increasing the price, according to a Justice Department press release . Yes, this is no laughing matter.

He faces up to five years in prison when sentenced Jan. 13. The case was handled out of   Philadelphia and investigated by the FBI and Securities Exchange Commission.

The press release laid out the crime as follows:

Read more »

National Lampoon Executive Charged With Stock Fraud: And That’s No Joke

Allan Lengel
ticklethewire.com

For National Lampoon , the purveyor of humor, which owns interest in such classic films as Animal House, Monday was no laughing matter.
The company’s chief Executive Daniel Laikin, 46, was among seven people charged in a stock fraud scheme that involved National Lampoon and two other companies that artificially inflated stock prices, according to the U.S. Attorney’s office in Philadelphia.
The investigation, which included the Security Exchange Commission, involved a government undercover “cooperating witness” who was paid a kickback by the defendants to make purchases in the “targeted stock with the objective of artificially inflating it’s value,” the U.S. Attorney’s office said.
According to the charges against National Lampoon’s Laikin, between March and June 2008,  Laikin conspired with a company consultant to pay people, including the government informant, to artificially inflate the price of National Lampoon stock.
One of the people they paid enlisted a Rochester, N.Y. stock promoter who was given about $40,000 to make purchases of National Lampoon stock with the intent to drive up share price, the U.S. Attorneys office said.
Laikin indicated that he wanted the stock to rise from $2 per share to $5 to make it more attractive for strategic partnerships and acquisitions, authorities said. Three of the defendants in Monday’s  case were directly tied to National Lampoon. Others were linked to Advatech Corp of West Palm Beach or Swedish Vegas Inc., of Arcadia, California, authorities said.
Janice K. Fedarcyk, special agent in charge of the FBI in Philadelphia said in a prepared statement that the defendants “defrauded all of the legitimate market investors who bought and sold shares in these companies. The entire investment market suffers when individuals violate legal and fiduciary trust of their positions.”
Marcy Goot, a spokewoman for National Lampoon in Los Angeles, could not be reached immediately for comment.