| Universal
Express, one of the longest running scams in the penny stock market,
seems to be finally entering the end game. In April of this year
a Federal Judge in New York issued a summary judgement on multiple
counts of stock fraud brought against the company by the SEC in 2004,
which judgement involved fines against CEO Richard Altomare and
Corporate Counsel Chris Gunderson and the corporation totalling over
$20 million, and which barred Altomare from acting as a director or
officer of a public company. Never one to be deterred by petty legal matters, Altomare has not only ignored the judgement, but brazenly flouted his contempt for the laws that mere mortals must follow. He has continued-and accelerated-his illegal issuance of unregistered shares; he has held out himself-and continues to hold the position-as CEO in multiple press releases and in SEC filings; for icing on the cake, the megalomanical head of this blatantly fraudlent company took out a full page ad in the New York Times accusing a vast conspiracy of attempting to destroy his company.( The advertisement, filled with flagrant lies and misstatements , also illustrates that the Gray Lady is like any other whore-she has her price.) We presume that the advertisement was in the way of an advance defense, since the SEC-in a rare show of bureaucratic initiative-has petitioned the Court to appoint a receiver for the corporation, remove Altomare from office, and put his ass in jail for contempt until he complies with the judgement of the Court. The documents linked below are a complete set of filings and exhibits in the latest action, and lay out the case against Altomare in exquisite detail. Sadly, they also illustrate that massive securities fraud can go on in plain sight for years due to either the SEC's lack of effective and decisive authority to act, or lack of will, or both. There are rumors of pending criminal action in this case. If Altomare is not brought to justice in this matter, then our laws are a joke and we may as well take out another NYT ad declaring alee alee infree for criminal scam artists in the securities markets. The scumbag stole over $50 million. Throw his ass in jail for the duration. He and Lou Pearlman can swap war stories of the glory days down on Maggot Mile in Boca Raton |