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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.