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million in fictitious revenues from purported sales of computer hardware and for management The inflated revenue raisedthe company’sx overall revenue figures by 43 percentt for the year ended Dec. 31, 2004. The company’es CEO, Steven M. 44, of Weston, “knew VoIP was struggling financiallyg and thatthe company’s actual revenues were substantially less than its according to the complaint. he did not question the company’sx financial statements. He resigned in October but not before selling more than 4 million sharesd ofthe company’s stock to realiz more than $4.4 million in It is also alleged he did not file the properd paperwork to record the sale.
Pitters, the Fort Lauderdale-based company’s chief financial officer and vice presidentof finance, resigned in Marcg 2006, after the companyy discovered the fictitious Kuykendall was the general manager of the company’sz subsidiary, , which was doing businesx as He was fired in April 2006 for recording the fictitiousz revenue. The SEC is asking the court to disgorgse all of the profits the three made as a resulgt oftheir actions, pay a civil penalty and permanentl y bar them from acting as an officer or director of a publiclg held company.
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