Defendant Name:
Pareteum Corporation
Defendant Type:
Public Company
SIC Code:
7389
CUSIP:
69946T20
Document Reference:
33-10975
Document Details
Legal Case Name
In the Matter of Pareteum Corporation
Document Name
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
Document Date
02-Sep-2021
Document Format
Administrative Proceeding
AAER
4247
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Various Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$500,000.00
Shared:
