National Lampoon execs in stock fraud case

December 15, 2008 11:24:45 AM PST
Federal prosecutors in Philadelphia have filed charges against the CEO and other executives at National Lampoon Inc., saying they tried to inflate the company's stock price.

Los Angeles-based National Lampoon owns the rights to the "Vacation" and "Animal House" movies, among others. Prosecutors charged seven people with conspiracy and securities fraud on Monday.

Prosecutors say the company manipulated prices by paying kickbacks to people to buy and hold stock. Authorities say that activity created the illusion of market interest.

Officials say many of the defendants had significant stock holdings and stood to gain millions of dollars.

Company spokeswoman Marcy Goot declined to make an immediate comment.