I purchased an Ozaki iCoat Slim Y+ despite the reviews of the magnets not being strong enough for the sleep/wake function. I tried the Moshi Versacover but just really wanted the pink color of the Ozaki. When I got it, it did indeed not stay closed tightly. So here's what I did. Take an elastic hair band (costs about $1) and put one end inside the back cover of the case. Put my iPad in the case so it keeps the elastic band secure. Now when I close it, it is secure. Also secures the back when open for reading. Now, I'm a happy Ozaki iCoat camper!
Hope this helps 