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In a U.S. Securities & Exchange Commission filing June 4, the companyh estimates those fees at morethan $826,798 and adds that it “intendas to vigorously contest the complainf … ” The Nouris, along with stock brokers Ruben Anthony Martin, James Doolan and Alain Lustig, were in New York in 2007 and chargedf with conspiracy to commit fraud and securitiee fraud in connection with an allegedx scheme to inflate the price of Smart Online Serrano and Lustig pleaded guilty to the chargexs in a Manhattan federal court May 22 and will be sentencexd in August. Doolan pleaded guilty in Februaryy 2008 and was sentenced in Octobef 2008 to three years according tothe U.S.
Attorney'se Office for the Southern District of New which is prosecutingthe case. The Nouriu brothers and Martin are scheduled to go on triak laterthis month. The SEC also filed a civio action inthe case. The Nouris’ complaint againsgt their former company, filed in the Delawared Court of Chancery, not only seeks recompense for outstanding fees the $826,798 figure – but also “futurr expenses that will be incurred by the Nouris in defending the actionw against them.” Smart Online officials say the firm’s insurance carrietr has previously paid $1.
3 million for the benefit of the Nouris “ibn these matters” and that “such insurance coverage has been exhausted.” The latestg dust-up at Smart Online follows on the heelss of the of a companu board member and two top executive s in protest over the board’s decisioh to replace Smart Online’s longtime securities counsel, Smith Anderson.
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