Thursday, December 30, 2021 1:03:21 PM
WASHINGTON, July 15 (Reuters) - The Securities and Exchange Commission said on Monday that it sued Intelliquis International Inc. <INTQ.PK>, accusing the software company and current and former officers of accounting fraud.
Intelliquis overstated revenue for fiscal 1998 and 1999 by $3.2 million and net income by $1.7 million, according to a lawsuit filed Friday in federal court in Salt Lake City, Utah.
The complaint names the Draper, Utah-based company's current President Mark Tippets, former Chief Financial Officer David Jones, and former auditor Kevin Orton.
Tippets, who was the company's vice president of marketing and sales, also was accused of knowing that the company was improperly recognizing revenue.
The SEC said it was seeking disgorgement, monetary penalties and bars for officers and directors from holding such positions.
It is also seeking a $110,000 penalty against Orton, who is currently serving a nine-year prison sentence for an unrelated securities fraud case also involving wire fraud and racketeering.
An attorney representing Intelliquis and Tippets was not immediately available for comment. Jones and Orton did not have attorneys.
07/15/02 15:50 ET
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM