SEC Files Fraud Actions Against Fuel, Wireless Firms
The Atlanta Regional Office of the Securities and Exchange Commission has filed fraud actions against two Southeastern companies — Mobile Ready Entertainment and U.S. Sustainable Energy Corp. — alleging they engaged in “pump-and-dump” schemes in which companies distribute bogus information to pump up share prices, only to dump the stock and leave investors with huge losses. An SEC director says about 5 percent of the cases brought by the SEC’s national enforcement program involve pump-and-dump schemes.
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