"Individuals with a history of regulatory misconduct"
Globetel associated with, and continued its association with, two individuals with a history of regulatory misconduct. . .In one case, the association included entrusting the individual with important corporate functions, despite the fact that the nature of his regulatory misconduct rendered him particularly unfit for such responsibilities."
"Globetel failed to notify the Exchange promptly of changes in its officers or directors". . .more specifically. . .one of the characters mentioned above with a history of misconduct.
Steven King
1. King was made an Executive Vice President of Globetel without informing the SEC.
2. King sold over $2.8 million of Globetel stock.
3. King was previously sanctioned by the SEC for his activities with stockstowatch.com, Inc. King promoted pennies through spam and on his webpage. He received shares in the stocks as compensation and sold them at a time he was recommending the stocks to investors.
4. King owns ISG Jet which Globetel funnels money to for travel. Leinwand is the registered agent for ISG. Leinwand has set up many other LLCs for King including INV Group, LLC.
5. King is no longer listed as an officer on the company's webpage although I have yet to see anything where he left the company.
Paul Taboada
1. Taboada filed to sell $2.5 million of Globetel stock.
2. Taboada is still a consultant for Globetel working with a company called Fordham Financial Management Inc. Fordham specializes in PIPE funding and reverse mergers and was heavily involved in the ATC fiasco. Fordham has provided PIPE funding to Globetel.
3. Like King, the SEC has sanctioned Toboada for "pump & dump" schemes when he was associated with Hornblower & Weeks. One such pump, termed a "research report" for ADGI was so overly-promotional that the firm was suspended from issuing reports for six months.
AI
