ORLANDO (CN) - The CEO of IBSG International, a software company, lied about products and deals "that did not exist" and got $1.2 million from selling shares he owned with his wife, the SEC claims in Federal Court. He resigned in January and the company shut down in March.
The SEC sued Michael A. Rivers, 44, of Windermere, Fla., and ARKR Trust, which he owns with his wife. It wants him permanently barred from running a public company, and penalties.
Categories / Uncategorized
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.