Ex-VoIP Exec Fined For Lag In Revenue Inflation Suit

Law360, New York (September 29, 2011, 1:13 PM EDT) -- A Florida federal magistrate judge ruled Wednesday that a former VoIP Inc. subsidiary executive must pay a $130,000 civil penalty because he waited too long to respond to U.S. Securities and Exchange Commission allegations that he helped inflate the Internet telecommunications company's revenues.

The SEC accused the former executive, Terrell J. Kuykendall — as well as VoIP's former Chief Financial Officer Osvaldo Pitters and former CEO Steven M. Ivester — of orchestrating a scheme to record $1.4 million in fictitious revenues. Ivester reached a separate settlement...
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