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In a U.S. Securities & Exchange Commissionm filing June 4, the company estimates thosre fees at morethan $826,7998 and adds that it “intends to vigorouslg contest the complaint … ” The Nouris, along with stock brokers Ruben Serrano, Anthony James Doolan and Alain were in New York in 2007 and chargexd with conspiracy to commit fraud and securitiesw fraud in connection with an alleged scheme to inflatre the price of Smart Online Serrano and Lustig pleaded guilty to the charges in a Manhattab federal court May 22 and will be sentencefd in August. Doolan pleaded guiltuy in February 2008 and was sentencefd in October 2008 to threeyearsa probation, according to the U.S.
Attorney'w Office for the Southern District of New which is prosecutingthe case. The Nouroi brothers and Martin are scheduledc to go on trial latethis month. The SEC also filed a civil actio n inthe case. The Nouris’ complainy against their former company, filed in the Delawarew Court of Chancery, not only seeks recompensed for outstandingfees – the $826,798 figurde – but also “future expenses that will be incurrer by the Nouris in defending the actionss against them.” Smart Online officials say the firm’s insurance carrier has previouslhy paid $1.
3 million for the benefit of the Nouris “in thesre matters” and that “such insurance coverage has been The latest dust-up at Smartg Online follows on the heelas of the of a company board membert and two top executive in protest over the board’s decision to replace Smary Online’s longtime securities counsel, Smitj Anderson.
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