For almost a year now, the VoIP industry has been rife with rumors of a Vonage initial stock offering. For most of that time, there has also been speculation as to how Vonage would manage an IPO under CEO Jeffrey Citron, who had personally paid $22.5 million to the Securities and Exchange Commission to settle fraud charges stemming from his days as a day-trader with Datek Online in the mid-90s.

Vonage provided both answers today, filing with the SEC to issue an IPO to raise up to $250 million and naming a new CEO, Mike Snyder, former president of security firm ADT.

Citron remains chairman of the board and still owns 41% of Vonage. The VoIP provider has already raised $650 million in private funding from private funding sources including New Enterprise Associates, which holds a 22% stake, Meritech Capital Partners, which owns an 11% stake, Bain Capital, which has an 8% stake, and 3i Group PLC, which owns 10% of the company.

But Vonage has also spent heavily to promote its service, in both television and Web advertising. According to its SEC filing, the company has 1.4 million subscribers as of today, 95% of which are in the United States.

The filing also states that Vonage has spent more than $200 in marketing costs per subscriber.

Underwriters for the stock offering are Citigroup, Deutsche Bank Securities and UBS Investment Bank.