The Securities and Exchange Commission has filed charges against top executives at Florida-based computer equipment company QSGI Inc. for allegedly misrepresenting the company’s books to increase the amount of money they could borrow, according to an agency release.
The SEC alleges that chief executive officer Marc Sherman and former chief financial officer Edward Cummings, both co-founders of the company, told shareholders in a 2008 management report that Sherman had taken part in management’s assessment of the internal controls over financial reporting when in fact he had not participated.
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