SEC v. Edward O’Donnell and Victor Bozzo

Edward O’Donnell and Victor Bozzo allegedly engaged in a fraudulent scheme to recognize revenue from Pareteum customers’ non-binding purchase orders for SIM card services, despite knowing that the customers had not committed to paying for the services and that the SIM cards had not yet been shipped. According to SEC, this misconduct allowed Pareteum to materially overstate its revenue by $12 million for fiscal year 2018 and by $27 million for the first and second quarters of 2019 combined in its financial statements filed with the SEC.

Summary generated from official Securities and Exchange Commission press release