Yes, but the SEC is entity that started the investigation against GlobeTel, and within it's own filings against Joe & his cohort, SEC attorneys clearly state that there were no violations but for Joe's actions (i.e. the false invoices). I can see a fine, perhaps, because they didn't catch Joe, but he duped the auditors as well. I'm not sure how GlobeTel executives can be better than the auditors at checking the books.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.