Dennis Michael Nouri, former chief executive officer at , and his brother Reza Eric Nouri were convicted of all nine charges they faced in a stock fraud case this week.
In a New York court, the two along with a stock broker were found guilty of manipulating Smart Online’s stock in 2005. They will be sentenced on Oct. 6.
The Durham-based company offers software as a service for small businesses. Its stock trades over the counter under the symbol SOLN.BB.
For the first quarter of this year, Smart Online reported a loss of $1.5 million on revenues of $713,000.
Two other brokers involved in the case pled guilty earlier.
The convictions were first reported by and a