GlobeTel Strikes Deal With SEC In $119M Fraud Case

Law360, New York (December 22, 2010, 3:49 PM EST) -- GlobeTel Communications Corp. has agreed to shell out a $300,000 civil penalty, hire a chief financial officer and establish an audit committee in order to duck out of the U.S. Securities and Exchange Commission's lawsuit accusing the company and a group of its former employees of faking $119 million in revenues.

On Tuesday, Judge Joan A. Lenard of the U.S. District Court for the Southern District of Florida signed off on the consent judgment, under which GlobeTel did not admit or deny the SEC's allegations....
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