Dennis Michael Nouri, CEO of Smart Online Inc., his brother and four brokers were arrested yesterday in connection with an alleged scheme to artificially inflate their company’s stock price. The men have been charged with Securities fraud and conspiracy.
They each face a maximum of 20 years in prison on the securities fraud charge. In addition however, the Securities and Exchange Commission brought civil charges against the men.
Smart Online Inc. is a Durham North Carolina based software company that offers a private-label syndicated online business platform that enables on-demand Web delivery of applications and services used to start and manage small businesses.
Their software solutions are designed to automate and streamline business processes, reduce operating costs, and improve internal controls.
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