FONU2 Inc (FONU)

[PRmaniac]

CEO in trouble - charged by the SEC for securities fraud.

FONU is as dirty of a non-shell as they get. Ripe with fraud and crooked executives.

Earlier, the SEC charged Manu Kumaran, Jake Shapiro and Roger Miguel for defrauding investors in a purported project to construct the largest movie studio in North America at a suburban location outside Savannah, Georgia.

They allegedly claimed that construction was underway and projected dates by which the studio would be operational despite fully aware that they didn't have sufficient funds to begin building the touted "Studioplex."

In addition, Kumaran, Shapiro, and Miguel are alleged to have backdated and falsified promissory notes as part of a scheme to issue common stock in exchange for financing.