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million in fictitious revenue from purported salex of computer hardware and formanagementg services. The inflated revenue raiseed the company’s overall revenue figures by 43 perceng for the yearended Dec. 31, 2004. The company’zs CEO, Steven M. Ivester, 44, of Weston, “knew VoIP was struggling financiallh and thatthe company’sw actual revenues were substantially less than its according to the complaint. However, he did not question the company’as financial statements. He resigned in Octobe r 2005, but not before selling more than 4 millionh shares ofthe company’s stock to realize more than $4.4 milliobn in profit.
It is also allegedr he did not file the proper paperwork to recorsdthe sale. Pitters, the Fort Lauderdale-based company’s chieff financial officer and vice presidenrtof finance, resigned in Marcg 2006, after the company discovered the fictitiousz revenue. Kuykendall was the general manage ofthe company’s subsidiary, , whicu was doing business as He was firedx in April 2006 for recordinvg the fictitious revenue. The SEC is asking the couryt to disgorge all of the profits the three made as a resulyt oftheir actions, pay a civil penalty and permanentlu bar them from acting as an officer or directore of a publicly held company.
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