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jfburk said " New investors have taken this further than anyone in the last 4 years yet that isn't enough for some people."
Click the link..your "new investors" haven't taken this fraud anywhere except down..
GLTY..meet the new boss..same as the old boss..
http://finance.yahoo.com/echarts?s=SNSR.OB+Interactive#chart1:symbol=snsr.ob;range=5y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
"If convicted, Huff faces the following statutory maximum terms of imprisonment: 20 years on the conspiracy charge; 10 years on each count of failing to certify financial reports; 25 years on the securities fraud charge; 20 years on each count of wire fraud; 20 years on each count of lying to accountants; and three years on the obstruction count......"
Great Read:
Former Chief Financial Officer of GlobeTel Communications Corporation Arraigned
Jeffrey H. Sloman, Acting United States Attorney for the Southern District of Florida, Daniel W. Auer, Special Agent in Charge, Internal Revenue Service, Criminal Investigation Division, and John V. Gillies, Special Agent in Charge, Federal Bureau of Investigation, Miami Field Office, announced that defendant Timothy Huff was arraigned today before Magistrate Judge James M. Hopkins. He pled not guilty to the charges. A trial date has not yet been scheduled.
On October 29, 2009, Huff was named in a 16-count Indictment, charging him with conspiracy to commit securities fraud, falsify certified financial reports, commit wire fraud, and making false statements to the company's outside auditor, all in violation of Title 18, United States Code, Section 1349; six counts of failing to certify financial reports, in violation of Title 18, United States Code, Section 1350(c)(1); one count of securities fraud, in violation of Title 18, United States Code, Section 1348; three counts of wire fraud, in violation of Title 18, United States Code, Section 1343; four counts of lying to accountants, in violation of Title 15, United States Code, Sections 78m(b)(2)(B) and 78ff and 17 C.F.R. 240.13b2-2; and one count of obstructing and impeding the due administration of the Internal Revenue Service, in violation of Title 26, United States Code, Section 7212(a).
According to the Indictment, Huff was the Chief Executive Officer ("CEO") of GlobeTel Communications, Inc. ("GlobeTel"), a Fort Lauderdale-based corporation formerly listed on the American Stock Exchange. As CEO, Huff oversaw the operations of the entire company. GlobeTel represented that it was in the business of providing telecom services, primarily involving Internet telephone services using Voice over Internet Protocol equipment. GlobeTel purported to provide these services on an international basis through "hubs" in foreign and domestic locations.
As further alleged in the Indictment, Huff directed and participated in a scheme to falsely inflate GlobeTel's revenue from May 2002 to June 2006. The scheme involved the creation of fraudulent invoices that appeared to be worth millions of dollars and to report fictitious transactions between GlobeTel and telecom companies to buy and sell telecom "minutes." In fact, however, GlobeTel never bought or sold anything related to those invoices. Huff allegedly lied to the company's outside auditors, and provided the falsified general ledger and created fraudulent CDRs to corroborate the fraudulent invoices.
To perpetuate the scheme, Huff caused Globetel to issue periodic SEC reports, registration statements, and press releases that misled investors by materially misstating GlobeTel's financial results for the third quarter of 2002 through the end of 2004. These false reports and statements listed more than $20 million in fraudulent revenue during this period.
The Indictment further alleges that Huff concealed his income and assets from the IRS. Huff is charged with under-reporting his income on his Form 1040, U.S. Individual Income Tax Return, for tax years 2001, 2002, 2003 and 2004 by $416,000, $18,748, $44,597.81, and $630,000, respectively. Huff did not file a tax return for GlobeTel Brazil, LLC for the years 2003, 2004 and 2005.
If convicted, Huff faces the following statutory maximum terms of imprisonment: 20 years on the conspiracy charge; 10 years on each count of failing to certify financial reports; 25 years on the securities fraud charge; 20 years on each count of wire fraud; 20 years on each count of lying to accountants; and three years on the obstruction count.
Mr. Sloman commended the investigative efforts of the Internal Revenue Service, Criminal Investigation Division, and the Federal Bureau of Investigation. This case is being prosecuted by Assistant U.S. Attorney Thomas P. Lanigan and Trial Attorney Gregory R. Bockin of the Department of Justice's Tax Division.
An indictment is only an accusation and a defendant is presumed innocent unless and until proven guilty.
A copy of this press release may be found on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the United States District Court for the Southern District of Florida at www.flsd.uscourts.gov or http://pacer.flsd.uscourts.gov.
"At some point I think you'll say to yourself... "I wish I would have bought some shares." "
I think far more folks are saying " I wish I woulda sold at $3.00+ a share!!
Perhaps Holts capitulation will mark a bottom? LOL
"Mr. CEO....how about letting us in on what your doing?" He did F16..he informed you of the counsel they hired to defend themselves against the SEC..
http://biz.yahoo.com/pz/080514/142689.html
So much for the "SEC investigation being over" that people were touting here last few weeks. At any rate,
thats about all this company does these days. Defend against endless lawsuits..sad huh.
Haven't sold any yet..wait until a mania hits..not here yet
What Huff did through that "loan" scheme could be construed as a constructive sale...Maybe somebody outta give the IRS a heads up? Did he pay/Are taxes due on such an activity? Anyone know?
The Good Dr. Hinton got away scott free with the most coin and no charges..He's the biggest winner here!
People need to go read that ENTIRE PDF complaint and get the entire story..This was a scam start to finish. and yes..the insiders dumped stock..
Quite a read here on the complaint..I like how Huff dumped his personal stock through the loan scheme..
http://www.sec.gov/litigation/complaints/2008/comp20550.pdf
Yupper..that was me
I wouldn't, however, be shocked to see it show up after 8 PM. I believe the SEC takes filings electronically till about 10pm..they are considered "late" after 5:30 PM EST
http://sec.gov/cgi-bin/browse-edgar?action=getcurrent
Latest Filings Received and Processed at the SEC
This listing contains the most recent filings for the current official filing date (including filings made after the 5:30 pm deadline on the previous filing day). Filings may be made Monday through Friday (except for U.S. Federal Holidays).
No..it would immediately post on sec.gov
Those were the days...
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): December 29, 2005
GLOBETEL COMMUNICATIONS CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-23532 88-0292161
---------------------------- ------------------------ ----------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
9050 Pines Blvd., Suite 110, Pembroke Pines, FL 33024
----------------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 954-241-0590
Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2 below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d- 2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e- 4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Globetel Wireless Corp. a wholly-owned subsidiary of GlobeTel Communications
Corp. has entered into an agreement with LLC Internafta, a Russian corporation,
whereby Internafta will pay Globetel $600 million to construct and install a
communications network in the 30 largest Russian cities. This communications
network will utilize Globetel's HotZone 4010 WiMax (802.16e) capable radio. It
is intended that this network will provide wireless broadband access, Voice over
IP capabilities, DECT functionality, and IPTV capabilities.
The networks will be installed in the cities over a 27-month period. Payments to
Globetel are pursuant to a schedule that includes certain milestones. Payments
will be made via a Letter of Credit confirmed by a US money center bank.
Globetel will not commence construction until the first payment has been made by
Internafta. Additionally, Globetel will help operate the Russian networks once
constructed and will be a 50/50 joint venture partner with Internafta in the
networks' operations.
Item. 7.01
On December 30, 2005 the Globetel issued a press release announcing its entering
into an agreement with LLC Internafta for the construction of a wireless
broadband network in Russia's 30 largest cities.
<PAGE>
Exhibits.
Exhibits included are set forth in the Exhibit Index pursuant to Item 601
of Regulation S-K.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Globetel Communications Corp.
Dated: January 6, 2006 By: /s/ Timothy M. Huff
------------------------
Timothy M. Huff,
Chief Executive Officer
EXHIBIT INDEX
Number Description
------ -----------
10.1 Agreement between GlobeTel Wireless Corp. and LLC Internafta
99.1 Press Release issued December 30, 2005
</TEXT>
</DOCUMENT>
Let the good times roll...
How ironic.. I visit the GTEM board at IHUB and the banner ad is for virtual office services.. LOL
"ready for some NEWS soon"
Yeah a filing or a delisting...one will be bad the other worse unfortunately
"why aren't people dumping where we would at least see a 10% change in O/S?"
Because there is a complete lack of liquidity/marketability so should one attempt such an undertaking they would be certain to crater the stock??
Best to unwind slow here if one is a large holder..
My question is what do they ACTUALLY DO in these offices? I mean really..what do they spend their day doing? Sitting around drinking coffee? Can't be much more then that given ZERO progress on anything..
http://101businesscenter.com/contact.html
Take a look around the "office" Bill..and please NOTE the address of the rental company. Its the same. Also note how many lawyers also list this as their address. It was provided in a link a few posts back.
" HAVE to believe "
'reckon so..
In all honesty Mide I think he wants to know if you still support/believe in Jon..
"Until GTEM gets squared away on financials and the SEC and gets off the pinks, if that is to happen...yes, we get all that crapolla in the meantime."
IF they do manage the above its going to take ALOT to win back any support from the investment community. (I'm not talking the 50 cent pop momo-players) They burned a sizable chunk of institutional money and while its true, they could potentially be won back, a PROVEN TRACK RECORD of earnings and accomplishments will be needed. The Street does have a short memory but they won't fall for just a good story this time..
"By all rights this stock should not be pegged to around .11, according to Cole, SOG, and a pile of others. Why is it, if it is such a penny stiff?"
I couldn't tell ya but I'm thinking its the aforementioned characters in my previous post..
Same can be said for the avg vol..
Penny-flip players, short-covering, and gamblers.
PS Mide: It really sucks to see this company end up this way. The potential was there unfortunately management was not.
short covering..
" A key difference is Network 1 uses lower cost, proprietary technology that can cover territory at a fraction of the cost of similar networks, said Tim Huff, chief executive of Network 1."
Sound familiar folks? This guy is really a joke..seems he off now hustling private investors now that the public mkts have spit him out.
"yep no more tyco...closed it right up"
How about the other famed fabricators ENE, WCOM? You get a clue dude..they most likely will be unable to even pay the fines..GLTY
Did other GTEM management know? If yes its over folks
"They are profits not banked."
ie: loss
"1% chance that they might pull something off "
fair enough..like the lotto, if you don't play you can't win :)
I think that by the time this all shakes out many, many people will be getting calls from SEC/DOJ.
Cool: The fact is the stubs could get pulled from trading completely..I wouldn't call todays trading an over-reaction.
Wonder where the other 100 million shares are..
Keep the emails coming folks..we need as many shares as possible
Multi: SHAREHOLDER ADVOCACY GROUP INFO:
globetelholders@yahoo.com
If interested email above. We are putting together an activist shareholder group. All interested parties welcome. Feel free to inform other parties with concerns in GTEM.
I seem to remember him being there too..He was in the back row on my side of the room..I remember the centerline exchange going on back & forth. Coulda swore that was Joe that Huff was talking to.
yup..shut up all..
no traders yet..
"Tell us about yourself."
I'm a concerned common holder..
Getting lots of emails..
The purpose of the group is to gain representation on GTEM's board so shareholders have a voice within the company.
SHAREHOLDER ADVOCACY GROUP INFO:
globetelholders@yahoo.com
If interested email above. We are putting together an activist shareholder group. All interested parties welcome. Feel free to inform other parties with concerns in GTEM.