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Legal News

: Legal Pad | LA

SEC hits 144 Opinions for pump-and-dump

By Richard Binder

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The Securities and Exchange Commission today charged two attorneys, a California company and the company's owner for preparing and issuing fraudulent legal opinions involving unregistered stock that enabled promoters and others to sell shares in a metro Atlanta-based pump-and-dump scheme.

The SEC alleges California attorneys Albert J. Rasch Jr. and Kathleen R. Novinger, Sandra B. Masino and her company 144 Opinions Inc. drafted and executed at least 24 legal opinion letters that fraudulently removed restrictive legends on unregistered shares of Alpharetta, Ga.-based Mobile Ready Entertainment Corp. Consequently, certificates representing more than 22 million shares of Mobile Ready were sold illegally to the public.

The SEC wants permanent injunctions against future violations, plus imposition of financial penalties against Rasch, Novinger and Masino, among other damages.

Click these for details.

Full post as published by Legal Pad | LA on May 05, 2009 (boomark / email).

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