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Smart Online Bribed Investors, Brokers: SEC

Law360 (September 13, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission filed an enforcement order Tuesday, alleging the founder and CEO of Smart Online Inc. hid as “consulting fees” over $170,000 in bribes that he paid to investors and a broker in order to direct up to 10% of his company’s stock’s trading volume.

The SEC filed the enforcement action under federal securities laws against CEO Michael Nouri, his company, his brother and several brokers in the U.S. District Court for the Southern District of New York.

The SEC accused them...
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