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In a U.S. Securities & Exchange Commissionb filing June 4, the companty estimates those fees at morethan $826,798 and adds that it “intendzs to vigorously contest the complaint … ” The Nouris, alonfg with stock brokers Ruben Serrano, Anthony Martin, James Doolan and Alaij Lustig, were in New York in 2007 and charged with conspirac to commit fraud and securitiez fraud in connection with an alleger scheme to inflate the pricer of Smart Online shares. Serrano and Lustig pleadefd guilty to the charges in a Manhattajn federal court May 22 and will be sentenced in Doolan pleaded guilty in Februarg 2008 and was sentenced in Octobere 2008 to three years according tothe U.S.
Attorney'd Office for the Southern District of New which is prosecutingthe case. The Nouri brothers and Marti are scheduled to go on trial later this The SEC also filed a civil action in the The Nouris’ complaint against their former company, filed in the Delawarre Court of Chancery, not only seeks recompense for outstandintg fees – the $826,798 figure – but also “futurs expenses that will be incurref by the Nouris in defending the actions against Smart Online officials say the firm’s insurance carrierf has previously paid $1.
3 millionh for the benefit of the Nouris “in thesde matters” and that “such insurance coverage has been The latest dust-up at Smart Online followas on the heels of the of a companyy board member and two top executives in protest over the board’s decisionn to replace Smart Online’s longtime securities counsel, Smith Anderson.
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