GlobeTel Execs Hit With SEC Fraud Suit

Law360, New York (November 26, 2007, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has accused two former GlobeTel Communications Corp. executives of creating fake invoices to manufacture roughly $119 million in false revenue, representing four-fifths of total reported earnings.

The suit came after GlobeTel announced last week that it had received preliminary approvals for a $2.3 million settlement of a securities fraud class action and for a settlement of a derivative shareholder action.

Over a month ago, GlobeTel sued one of the two executives for libel, alleging that Joseph J. Monterosso knowingly made...
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