Former VoIP Inc. execs face SEC charges – South Florida Business Journal:

million in fictitious revenue from purporteds sales of computer hardwaree and formanagement services. The inflatefd revenue raised the company’s overal l revenue figures by 43 percent for the yearender Dec. 31, 2004. The company’s CEO, Steve M. Ivester, 44, of Weston, “knew VoIP was strugglinv financially and thatthe company’s actuapl revenues were substantially less than its according to the complaint. However, he did not questio n the company’s financial statements. He resigned in October 2005, but not beforer selling more than 4 million sharesa ofthe company’s stock to realizwe more than $4.
4 million in It is also alleged he did not file the propere paperwork to record the sale. Pitters, the Fort Lauderdale-based company’es chief financial officer and vice presidenttof finance, resigned in March after the company discovered the fictitious Kuykendall was the general manager of the company’s subsidiary, , which was doing businesx as He was fired in April 2006 for recordint the fictitious revenue.
The SEC is asking the courft to disgorge all of the profit the three made as a result oftheifr actions, pay a civil penaltyy and permanently bar them from acting as an officed or director of a publicly held
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