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Ex-Lampoon exec Dan Laikin admits to stock fraud

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Carmel businessman Dan Laikin pleaded guilty this afternoon to participating in a fraudulent scheme to pump up the stock price of National Lampoon Inc., the Los Angeles-based entertainment company he led.

Laikin, 46, pleaded guilty in federal court in Philadelphia to one felony count of conspiracy to commit securities fraud. He’s scheduled to be sentenced Jan. 13. He could face up to five years in prison.

Laikin agreed to admit guilt under a plea agreement negotiated with federal prosecutors. He also had been facing a second felony charge, securities fraud. If convicted on both charges, he could have faced up to 25 years in prison.

Laikin, former co-owner of locally based Biltmore Homes, stepped down as CEO of National Lampoon in December, after prosecutors accused him of conspiring with a Las Vegas-based consultant and two East Coast stock promoters to manipulate Lampoon’s stock price. The other three defendants previously admitted guilt.

Court records say the FBI nabbed the four as part of a sting operation that included a stock promoter who secretly was working for the government. The records quote from conversations investigators say Laikin and other defendants had with the confidential witness.

Investigators say Laikin’s scheme began in March 2008, when he paid a co-defendant to orchestrate a pattern of trading in National Lampoon that would create the false impression of increased market activity and demand for the shares.

At a meeting in April, Laikin told the confidential witness that he needed two things: “revenue for my business” and “a stock that actually trades at a value I am happy with.”

None of the efforts succeeded in kindling interest in the stock, which has been below $2 for more than a year and now fetches only about 40 cents.
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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