Defendant Name: Pareteum Corporation

Defendant Type: Public Company
SIC Code: 7389
CUSIP: 69946T20

Initial Case Details

Legal Case Name In the Matter of Pareteum Corporation
First Document Date 02-Sep-2021
Initial Filing Format Administrative Action
File Number 3-20522
Allegation Type Issuer Reporting and Disclosure
AAER 4247

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)

Resolutions

First Resolution Date 02-Sep-2021
Headline Total Penalty and Disgorgement $500,000

Related Documents:

33-10975 02-Sep-2021 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 2, 2021, the SEC instituted settled cease-and-desist proceedings against Pareteum Corporation stating: "This case concerns accounting and disclosure fraud by Pareteum, a telecommunications company, spanning from 2018 through mid-2019 (the “relevant time period”). During this time, Pareteum’s public filings materially overstated revenue by approximately $12 million for fiscal year 2018 (60% of the ultimately restated revenue), and by approximately $30 million for the first and second quarters of 2019 (91% of the ultimately restated revenue)."
33-10975-s 02-Sep-2021 Administrative Summary
SEC Charges Telecommunications Company Pareteum Corporation with Accounting and Disclosure Fraud
The SEC stated that: "[It] charged New York-based telecommunications company Pareteum Corporation with fraud and other violations stemming from multiple company filings containing inaccurate financial statements and disclosures."

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