Ex-Pareteum Executives Charged With Securities, Accounting Fraud

Two former Pareteum executives have been accused of orchestrating a scheme to overstate the telecommunication company’s revenue by tens of millions of dollars, in an indictment unsealed Thursday.

The charges, filed in the US District Court for the Southern District of Illinois, include conspiracy, securities fraud, making false statements in SEC filings, and improperly influencing audits.

Defendant Victor Bozzo was the company’s CEO at the time of alleged fraud. Defendant Edward O’Donnell served as its chief financial officer. Both were arrested early Thursday morning.

Bozzo and O’Donnell, along with other unnamed co-conspirators, are accused of recognizing revenue based on “aspirational, ...