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.
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Filed Under: stock manipulation
Companies: national lampoon
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Sad
Instead we get these tiny insider trading and kickbacks investigations that only effect a small amount of people. Obviously, if National Lampoon did do this, they're breaking the law, but this is yet another glaring pointer that Christopher Cox (SEC chairman) is the hedge funds and shorts best friend. But seriously, get with the program and start the trials for the people who have actually caused genuine harm to the market.
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But....
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That's Not Fair of You
We need to level the playing field and let everybody in on the scams that have INFESTED Wall Street and Main Street and Congress and Governor's Mansions and White Houses all over the country.
How many of our Senators "invest" in real estate and leasing and suddenly get rich when interstate highways are built right over land they recently bought, or the federal government suddenly signs a no-bid 20 year lease on a building they own?
I can name names, but you probably already know who they are anyway.
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