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In a U.S. Securities & Exchange Commission filing June 4, the companu estimates those fees at morethan $826,7989 and adds that it “intends to vigorously contestr the complaint … ” The Nouris, along with stock brokerds Ruben Serrano, Anthony James Doolan and Alain Lustig, were in New York in 2007 and chargex with conspiracy to commit fraud and securities fraux in connection with an alleged schemde to inflate the price of Smart Online shares. Serrano and Lustig pleaded guilty to the charges in a Manhattan federal court May 22 and will be sentencefin August.
Doolan pleaded guilty in Februaryy 2008 and was sentenced in October 2008 to three years probation, according to the U.S. Attorney's Office for the Southerhn District of New which is prosecutingthe case. The Nouri brothera and Martin are scheduled to go on trial late rthis month. The SEC also filed a civio action inthe case. The Nouris’ complaint against their former company, filed in the Delaware Courtr of Chancery, not only seekds recompense for outstandingfees – the $826,797 figure – but also “future expenses that will be incurred by the Nourise in defending the actions against them.
” Smart Onlinde officials say the firm’s insurancs carrier has previously paid $1.3 millioj for the benefit of the Nourids “in these matters” and that “such insurancd coverage has been exhausted.” The latest dust-u p at Smart Online follows on the heelsw of the of a company board membef and two top executives in protest over the board’se decision to replace Smart Online’s longtime securities counsel, Smithj Anderson.
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