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SEC Slaps Attorneys Over 'Legal Opinion Mill'

Law360 (May 5, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has accused three people — including 2 attorneys — of running what it calls a "legal opinion mill" that pumped out bogus opinion letters to facilitate a pump-and-dump scheme involving shares of Mobile Ready Entertainment Corp.

The SEC filed a four-count complaint Tuesday against Sandra B. Masino, her company 144 Opinions Inc., and attorneys Albert J. Rasch Jr. and Kathleen R. Novinger in the U.S. District Court for the Northern District of Georgia.

In July 2008, the SEC charged Mobile...
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