Ex-Hockey Owner Pleads Innocent
LOS ANGELES (AP) _ Former Los Angeles Kings owner Jeffrey Sudikoff pleaded innocent Monday to federal securities fraud charges related to a communications company he co-owns.
The government claims Sudikoff and Edward Cheramy of Jackson Hole, Wyo., engaged in a conspiracy to overstate IBD Communications Group Inc.’s earnings and deceive the Culver City-based company’s accountants.
Sudikoff, the former chief executive officer of IBD, also is charged with illegally selling millions of dollars of his stock in the corporation before the scheme was revealed in order to make a huge profit.
Sudikoff, who owned the Kings from October 1995 until October 1996, is free on $250,000 bail. He is allowed to travel anywhere, as long as he gets permission and surrenders his childrens’ passports.
Sudikoff, 41, and Cheramy, 53, face 19 federal charges, including conspiracy, securities fraud and lying to IBD accountants and the U.S. Securities and Exchange Commission.
Cheramy is also free on $250,000 bail, although his travel is restricted to California, Wyoming, Idaho and Washington.