SEC Hits Former IBSG CEO With Fraud Suit

Law360, New York (October 1, 2009, 1:38 PM EDT) -- The U.S. Securities and Exchange Commission has sued the former CEO of defunct software company IBSG International Inc. for fraud, alleging he directed the announcements of fictitious licensing agreements that purported to boost the company's revenues by more than $70 million and sold over $1.23 million of his own IBSG stock to investors lured by the false financials.

In a complaint filed Tuesday in the U.S. District Court for the Middle District of Florida, the SEC accused Michael A. Rivers, who led IBSG from November 2003...
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