SEC Sues Software Maker In Pump-And-Dump Scheme

Law360, New York (July 15, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission on Monday charged a mobile software maker, its chief executive and a former co-chief executive with insider trading and securities registration violations in connection with a pump-and-dump stock scheme.

In a lawsuit filed in U.S. District Court for the Northern District of Georgia, the SEC claims that Michael H. Magolnick and Craig A. Mora pumped up the success of Alpharetta, Ga.-based Mobile Ready Entertainment Corp., then proceeded to illegally dump the stock between January and July 2007.

In all, the...
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