Well, you can imagine the surprise we're all feeling over here at Engadget HQ at the news of Xero Mobile -- the MVNO started by former Gizmondo execs -- getting calls from the US Securities and Exchange Commission regarding their "conducting an informal inquiry relating to certain aspects of the company's business." For example, how they intend to pay back all those investors after a track record of pump and dump business scams? Something like that? Apparently Xero feigned innocence, shrugging off the initial inquiry, stating they are "unaware of the reason for the request," but apparently are preparing to cooperate voluntarily even though no formal investigation has begun. Oh sure, we have to give them credit for opening themselves up to SEC queries even though they're not yet formally indicted, but you'll have to forgive us if we're just a little skeptical about these guys, even when they claim to be showing their hand.

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