Specifically, Millionaire.com (MLRE) said the SEC’s investigation centers around the company’s efforts to raise money and whether there has been improper trading of the company’s stock which is traded on the over-the-counter bulletin board.
“Management is cooperating fully wth the SEC. The company believes the investigation is in its initial stages and cannot predict the outcome of the matter…,” the company said in a statement.
In addition to its online auction site targeting wealthy individuals, Millionaire.com publishes Millionaire magazine, offers online forums, a chat room and e-mail access.
In January, the company acquired The Great Gatsby’s Auction Gallery, one of the largest collections of antiques, collectibles and architectural reproductions in the country.
Great Gatsby’s facility includes 100,000 square feet of auction space, three art galleries, an antique car showroom and a three-acre garden statue display. It features an inventory of more than 5,000 items.