The Associated Press reports that the federal prosecutors in Philadelphia have charged the CEO of National Lampoon (AMEX: NLN) along with six other executives with securities fraud. Prosecutors say that the executives paid kickbacks to investors to buy and hold the stock, thus creating the illusion of interest and artificially inflating the share price.Wow. Given that National Lampoon currently trades on the American Stock Exchange -- universally recognized as the place where sick stocks go to die -- with a market cap of less than $7 million, this is hardly a major bust. It's also another example of regulators throwing resources at low-hanging fish while the former chairman of the NASDAQ cheats investors out of $50 billion while our financial system collapses under the weight of shady debt instruments.
I mean, listen: The allegation is that the National Lampoon executives artificially pumped the company's stock price up to a market cap of less than $30 million at the company's peak. Given National Lampoon's long history and potential brand value, they might want to ask those investors for their kickback money back.
Of course if they broke the law, they deserve whatever punishment the courts mete out. I just question the decision to go after these clowns when there's much bigger stuff going down.
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Reader Comments (Page 1 of 1)
12-16-2008 @ 6:19AM
Master Shake said...
Yeah, NO agenda here! National Lampoon makes fun of political figures on the far right. This is just another example of the US government turning into Nazi Germany.
12-16-2008 @ 6:31AM
BHarrison said...
All of this is a result of Congress not performing their fiduciary responsibility to provide the basic, minimum "oversight and regulation" of our national economy. Congress is the MAIN CULPRIT in allof tis. If Congress, via the Fed, the SEC, etc. had required that all mortgage loan applicants be fully pre-qualified for the laons that they applied for, and that the FIs, corporations, and the markets/funds had to adhere to "sound accounting principles", then NONE of thisse economic debacles ould have occurred. Congress "sold out" to the speical interests groups by relaxing the existing regulations, and by voting adainst any implementation of "oversight and regulations" ; in enssence, and inf act, Congress ENABLED the corporations to orchestrate and to perpetuate the pyramid and Ponzi FRAUD schemes. Barney Frank, Ms Pelosi, Mel Martinez, Mr. Reid, Mr. Dodd, etc. . . . the VAST MAJORITY of Congress . . . voted AGAINST what would have established stability and integrity in our economy.
Every Congressmean should be held accountable for what they have and ahve not done in regard to implementing "oversight and regulation" of the FIs, the corporations, and the markets/funds. Those who "sold out" to the special interests should be removed from office via recall elections.
12-16-2008 @ 6:41AM
oelvis55 said...
This is a case of the foxes guarding the hen house ... and WE voted for them. It is disgusting watching them question the auto executives as though they are so pure. The want to know, under oath, why the executives made the decisions they made. I want to see a group of investors ask questions of our lawmakers ... under oath. Then watch them to to squirm out of the questioning. Our day will come. I hope.
12-16-2008 @ 6:44AM
Betsy said...
I am tired of people expecting the Federal Government to know everything, check everything, regulate everything, it is impossible.
The REAL blame lies on ALL the greedy people we have who don't give a darn about leading honest and moral lives!
12-16-2008 @ 8:34AM
Connie Roberts said...
It is us against them! Meaning the regular people against all the richie rich execs and the government who feeds them with our hard work.
12-16-2008 @ 4:44PM
BetsyC said...
It's ironic that the National Lampoon executives are in trouble for financial wrongdoing. Meanwhile, former writer and editor Tony Hendra goes unpunished for sexually abusing at least one of his daughters. If there was any real justice, he would be spending the rest of his life in prison. This proves that male-dominated society cares more about crimes against property than people. It also proves that crimes against women and children aren't considered crimes because women and children aren't counted as people.
12-16-2008 @ 9:25AM
Jon Boy said...
veryone is fighting over the money, what's new. Speaking of money here is an interesting article
12 Unusual Things Affected by the Financial Crisis
http://www.curiousread.com/2008/12/12-unusual-things-affected-by-financial.html
12-16-2008 @ 9:39AM
tidefan101 said...
Just another prime example of how money talks and B.S. walks. If they had more money or cheated people out of more,no one would have said a thing
12-16-2008 @ 4:26PM
Bill said...
Look at all the websites they bought that were screwed! AllModelZone.com, BarackObamajokes.com, etc. What about them too?
1-19-2009 @ 8:10PM
Leo Lamb said...
National Lampoon and Big Screen Entertainment Group (OTC: BSEG) recently announced their partnership. BSEG partner, stock promoter Michael Paloma aka Michael Saquella is currently serving 10 years in prison for stock fraud. Hmm, seems like it's all related.
3-05-2009 @ 10:52AM
Mistygentil said...
Unreal ! Seems all National Lampoon is good for any more is screwing people and companies over ! Hell I guess what can you expect you have Dan Lakin x ceo of National Lampoon who is facing stock fraud Sec charges criminal ! You have the New CEO Tim Durham who well he just wont pay any of National Lampoons bills ! This is a company and 2 guys in business I would stay fare away from. I belong to a web site that has been massively screwed over by National Lampoon, Dan Lakin and Tim Durham. If any one is interested in yet another case of being screwed by National Lampoon Check it out ! Allmodelzone.com !