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Annabel McClellan to pay $1 million to settle ‘insider trading’ civil case

Tuesday, October 18, 2011

imageThe one-time aspiring Pacific Heights socialite and sex app entrepreneur agreed to pay $1 million to settle a Securities and Exchange Commission lawsuit claiming that she and her husband, former Deloitte Tax LP partner Arnold McClellan, tipped family members to merger deals. The SEC will drop claims against Arnold if a federal judge approves the settlement with Annabel, Bloomberg News says.

Add: Annabel McClellan isn’t out of the woods yet. She’s awaiting sentencing after pleading guilty in April to insider trading and obstruction of justice, admitting to overhearing privileged information from her husband and passing it to others. She could get up to five years of prison time.

Noted: She and a friend were the brains behind “My Nookie,” touted as “the app your sex life and social life can’t be without,” which she was readying for debut when her problems with the law arose.

Previously: Annabel McClellan pleads guilty, faces prison; Annabel McClellan’s sexy sideline: ‘My Nookie’

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