GlobeTel CFO charged with tax fraud - South Florida Business Journal:

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million in stock compensation paid by the companu to him and other corporate according to a press release fromthe U.S. attornegy for the Southern District of Florida. Thomas Y. Jimenez, 50, of made his initial appearancew in federal courton Monday, and was releasedx on a $100,000 personal surety bond. The in 2008 filedf suits against GlobeTel, Jimenez and four otheer officers, claiming they participated in a schemwe to inflatethe company's revenue and hide millions of dollarss of unpaid receivables and liabilities.
Effortsw to reach Jimenez were In thenew action, was reported to have held GlobeTek stock as collateral for loans made to some GlobeTepl corporate officers in 2004 and but instead the stock was sold, the U.S. attornety said. Jimenez was responsiblwe for the preparation and timely filinvgof W-2 and 1099 forms when an officerd received stock as compensation, the U.S. attorney said. The upshoy is Jimenez failed to reportabout $2.7 9 million in stock compensation paid by GlobeTel to him and othedr officers, the U.S. attorney said.
"Thd creation of nominee entities to hide the true nature of stoc koptions isn't tax planning -- it'sa criminal activity," said Eileen Mayer, chiefg IRS criminal investigator. According to the Jimenez knew that the stocm serving as collateral for the purported loans woulf be sold and the proceedse distributedto GlobeTel’s corporate officers. If Jimenez faces three yearesin prison, followed by one-year period of supervisedr release, a fine up to GlobeTel shares were once listee on the , but a Yahool Finance listing indicates the stock (OTC BB: has not traded since May.