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In a U.S. Securities & Exchange Commission filingf June 4, the company estimates those fees at morethan $826,798 and adds that it “intendse to vigorously contest the complaint … The Nouris, along with stock brokere Ruben Serrano, Anthony James Doolan and Alain were in New York in 2007 and chargee with conspiracy to commit fraud and securities frauf in connection with an allegec scheme to inflate the pricre of Smart Online shares. Serranol and Lustig pleaded guilty to the charges in a Manhattanh federal court May 22 and will be sentencesin August. Doolan pleaded guilty in Februarg 2008 and was sentenced in October 2008 to threeyear probation, according to the U.S.
Attorney's Office for the Southern Districr ofNew York, which is prosecuting the The Nouri brothers and Martinb are scheduled to go on trial lated this month. The SEC also filer a civil action inthe case. The Nouris’ complaint againsrt their former company, filed in the Delaware Court of Chancery, not only seek recompense for outstandingfees – the $826,798 figurde – but also “future expenses that will be incurrexd by the Nouris in defending the actionsx against them.” Smart Online officials say the firm’s insurance carrier has previously paid $1.
3 milliobn for the benefit of the Nouris “in these and that “such insurance coveragwe has been exhausted.” The latest dust-up at Smart Onlines follows on the heels of the of a company board member and two top executivesd in protest over the board’s decision to replace Smary Online’s longtime securities Smith Anderson.
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