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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Case Information

Case Title

Securities and Exchange Commission v. Monterosso et al

Case Number



Florida Southern

Nature of Suit



Joan A. Lenard

Date Filed

November 21, 2007

Government Agencies

UK Financial Services

UK Financial Services

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