'Legal Opinion Mill' Attorneys Settle SEC Fraud Suit

Law360, New York (August 6, 2009, 3:02 PM EDT) -- Three people — including two attorneys — accused by the U.S. Securities and Exchange Commission of running a “legal opinion mill” issuing bogus letters to facilitate a pump-and-dump scheme have agreed to $50,000 in fines and a bar on participating in penny stock offerings.

Judge Julie Carnes of the U.S. District Court for the Northern District of Georgia on July 31 entered a final judgment by consent against Sandra B. Masino, her company 114 Opinions Inc., and attorneys Albert J. Rasch and Kathleen R. Novinger, the...
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