The Atlanta Regional Office of the Securities and Exchange Commission has filed fraud actions against two Southeastern companies, alleging that 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.
One of the companies in the SEC’s sights is Alpharetta, Ga.-based Mobile Ready Entertainment Corp., whose Web site says it sells, markets and develops wireless software applications and entertainment content for mobile devices; the other company is Natchez, Miss.-based U.S. Sustainable Energy Corp., which says it can produce biofuel from soybeans.
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