Although the MVNO Xero Mobile has yet to launch, the SEC has opened an inquiry into what the company has been telling investors and potential investors in its quest to raise money. As we have noted in the past, Xero was founded by former executives of the mobile gaming company Gizmondo, which evaporated at the beginning of the year along with its investors' £150 million. The blogosphere has long predicted trouble for Xero, which plans to offer its users anywhere from one to five voice minutes in exchange for viewing a 30 second ad spot.
For more on Xero Mobile:
- see this article from The Sunday Times