World Surveillance Group Inc (fka WSGI)

[rwehapi2003]

"off-net" revenue programs are a legitimate practice in the telecom field. How the revenue is recorded and recognized is the issue.

GTEM and the accountants and auditors recognized and recorded the telecom minutes as gross dollars instead of net.

Mistake or scam?

The bean counters and other management types should be held responsible for knowing this fact about the revenue recognition. If both parties knew they should only use net dollars but still decided to use gross instead, the accountants should be held liable as well.

Now, if accounting knew they could only use net dollars, requested those net dollar figures, and GTEM supplied them with gross dollars disguised as net dollars....you have a scam.

Where would those scam figures come from? Globetel executives. Now, through process of elimination:

After over a year’s investigation crossing two continents, the SEC was apparently unable to elicit evidence sufficient to charge GlobeTel’s executives

But, who is being charged by the SEC?

Joe and Luis

AIMHO