SEC Seeks Repayment From Accused GlobeTel Fraudsters

Law360, New York (August 17, 2011, 5:15 PM EDT) -- Two civil defendants who allegedly helped GlobeTel Communications Corp. in a scheme to report inflated revenue that landed the company's ex-CEO in prison should pay $900,000 in disgorgement and interest, as well as penalties, securities regulators told a Florida magistrate judge Wednesday.

Former GlobeTel Chief Operating Officer Joseph Monterosso and business partner Luis Vargas should be liable for disgorgement of $675,000 and more than $231,000 in interest for helping the Fort Lauderdale, Fla.-based company report $108 million in revenue that didn’t exist, while at the same...
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