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SEC Sues Software Firm’s Ex-CEO

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.

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