SEC, Mobile Ready CEO Reach Insider Trading Deal

Law360, New York (January 13, 2010, 6:47 PM EST) -- A former co-CEO of mobile software company Mobile Ready Entertainment Corp. has settled in principle the U.S. Securities and Exchange Commission's allegations of insider trading and securities registration violations in connection with a pump-and-dump stock scheme.

Michael H. Magolnick and the SEC filed a motion Monday in the U.S. District Court for the Northern District of Georgia for a stay in the suit, saying they anticipated that the SEC would approve the settlement within 120 days.

Further settlement details were not immediately available, and representatives for...
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