- Report: #329311
Complaint Review: GLOBETEL COMMUNICATIONS CORP: GTEM (Pink Sheets) - Fort Lauderdale Florida
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Author Confirmed
Why?
GLOBETEL COMMUNICATIONS CORP: GTEM (Pink Sheets)
101NE 3rd Ave, Suite 1500 Fort Lauderdale, 33301 Florida, U.S.A.
Phone:
954-332-3759
Web:
N/A
Categories:
Business Rating:
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GLOBETEL COMMUNICATIONS CORPoration; Sanswire; Centerline; Florida Scam Company; Con Artists; Fort Lauderdale Florida
Important FACTS about Globetel:
1) Globetel was delisted by the American Stock Exchange. The reasons for this according to the American Stock Exchange were: Issuing many "materially misleading" and "overly promotional" press releases, not submitting documents requested by the American Stock Exchange staff, and its association with an individual with a history of regulatory misconduct that rises to the level of a public interest concern, among other reasons.
2) Globetel is getting investigated by the SEC.
3) The SEC has accused two ex-GlobeTel officials, Joe Monterosso and Luis Vargas, of creating fake invoices to generate $119 million in bogus revenue over two years, roughly 80% of Globetel's revenues from 2004 to 2006. Prior to being charged, Joe Monterosso received a Well's Notice from the SEC.
4) GTEM's trading may get revoked by the SEC, according to the SEC Well's Notice sent to Globetel. Also in the Well's Notice, the SEC says they may seek as relief a permanent injunction, civil penalties, and disgorgement.
5) A bank account of Globetel's was recently garnished to satisfy a settlement.
6) Globetel is getting sued by a former Globetel executive, Mitch Siegel, for "breach of contract".
7) Globetel was evicted from their hangar in Palmdale, California, and was also evicted from their offices in Pembroke Pines, Florida.
8) Globetel does not have a fully functioning, commercially available "Stratellite" or airship capable of maintaining altitude/remaining geostationary in the stratosphere for months at a time. There is an unmanned, remote-controlled airship in Germany which they claim is capable of reaching a few thousand feet. They may or may not own this airship, and are probably in negotiations with its inventor as I write this. No airship they have has been commercially successful.
9) Globetel has several indebtness and other lawsuits pending against it, primarily in Florida, one of them involving Wachovia National Bank. They already owe over $500,000 in civil judgments from previous suits.
10) Globetel's short-lived German wireless division went bankrupt and no longer operates.
11) Globetel is suing the former COO(the Joe Monterosso mentioned above) of Globetel for libel, and interference with business, among other reasons.
12) Globetel was successfully sued by its shareholders who claimed Globetel's "$600 million Russian deal" was a "sham"(more about this below). Shareholders won a $2.36 million dollar cash settlement which was paid by Globetel's insurance provider.
13) Globetel is suing and is being countersued by the former head of its Globetel Wireless Division, Ulrich Altvater.
14) According to Globetel in its most recent 10k: "the Company(Globetel) does not currently have a defined funding source".
15) Globetel has never been profitable.
16) Globetel has gone from over 50 employees 2 years ago to less than 10 employees at last count.
17) Globetel has not officially disclosed the number of customers and/or revenues its Mexican joint venture(No Mas Cables) has.
18) Globetel is not up to date on its financial filings. Globetel is in violation of SEC rules by not filing the required quarterly and yearly financial reports.
19) Globetel's heavily promoted "$600 million Russian deal", which was supposed to involve installing Hotzone in Russia's largest cities, came to an end due to a "default"(according to Globetel) by the Russians. Hotzone pilot tests were also discontinued/commercially unsuccessful in China, Ghana, the Republic of Congo, Japan and with the U.S Forest Service.
Axel xxxxxxx
Salt Lake City, Utah
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
1) Globetel was delisted by the American Stock Exchange. The reasons for this according to the American Stock Exchange were: Issuing many "materially misleading" and "overly promotional" press releases, not submitting documents requested by the American Stock Exchange staff, and its association with an individual with a history of regulatory misconduct that rises to the level of a public interest concern, among other reasons.
2) Globetel is getting investigated by the SEC.
3) The SEC has accused two ex-GlobeTel officials, Joe Monterosso and Luis Vargas, of creating fake invoices to generate $119 million in bogus revenue over two years, roughly 80% of Globetel's revenues from 2004 to 2006. Prior to being charged, Joe Monterosso received a Well's Notice from the SEC.
4) GTEM's trading may get revoked by the SEC, according to the SEC Well's Notice sent to Globetel. Also in the Well's Notice, the SEC says they may seek as relief a permanent injunction, civil penalties, and disgorgement.
5) A bank account of Globetel's was recently garnished to satisfy a settlement.
6) Globetel is getting sued by a former Globetel executive, Mitch Siegel, for "breach of contract".
7) Globetel was evicted from their hangar in Palmdale, California, and was also evicted from their offices in Pembroke Pines, Florida.
8) Globetel does not have a fully functioning, commercially available "Stratellite" or airship capable of maintaining altitude/remaining geostationary in the stratosphere for months at a time. There is an unmanned, remote-controlled airship in Germany which they claim is capable of reaching a few thousand feet. They may or may not own this airship, and are probably in negotiations with its inventor as I write this. No airship they have has been commercially successful.
9) Globetel has several indebtness and other lawsuits pending against it, primarily in Florida, one of them involving Wachovia National Bank. They already owe over $500,000 in civil judgments from previous suits.
10) Globetel's short-lived German wireless division went bankrupt and no longer operates.
11) Globetel is suing the former COO(the Joe Monterosso mentioned above) of Globetel for libel, and interference with business, among other reasons.
12) Globetel was successfully sued by its shareholders who claimed Globetel's "$600 million Russian deal" was a "sham"(more about this below). Shareholders won a $2.36 million dollar cash settlement which was paid by Globetel's insurance provider.
13) Globetel is suing and is being countersued by the former head of its Globetel Wireless Division, Ulrich Altvater.
14) According to Globetel in its most recent 10k: "the Company(Globetel) does not currently have a defined funding source".
15) Globetel has never been profitable.
16) Globetel has gone from over 50 employees 2 years ago to less than 10 employees at last count.
17) Globetel has not officially disclosed the number of customers and/or revenues its Mexican joint venture(No Mas Cables) has.
18) Globetel is not up to date on its financial filings. Globetel is in violation of SEC rules by not filing the required quarterly and yearly financial reports.
19) Globetel's heavily promoted "$600 million Russian deal", which was supposed to involve installing Hotzone in Russia's largest cities, came to an end due to a "default"(according to Globetel) by the Russians. Hotzone pilot tests were also discontinued/commercially unsuccessful in China, Ghana, the Republic of Congo, Japan and with the U.S Forest Service.
Axel xxxxxxx
Salt Lake City, Utah
U.S.A.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
