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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.