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RA and Gundy have appealed!!
Friday, October 19, 2007
Altomare offers to settle fine as investigation starts againSouth
Florida Business Journal - by Brian Bandell
Former Universal Express CEO Richard Altomare told a federal judge he'd sell his Highland Beach condo to pay the judgment against him, but his civil penalties aren't his only problem. The U.S. Attorney's Office is again investigating his actions.
Faced with a $3.1 million judgment after the judge ousted him from the Boca Raton-based company, Altomare made the offer in New York federal court on Oct 12. He bought the 4,600-square-foot unit in November 2006 for $3.1 million and had $300,000 to $800,000 equity in it. Altomare and his wife also own a home near Boca Raton.
Altomare offered to pay $30,000 up front, $10,000 a month and a
percentage of his future salary toward the fine. That prompted Judge Gerard Lynch to postpone until January the decision of whether Altomare and former company general counsel Chris Gunderson were in criminal contempt. In April, the Securities and Exchange Commission won its case finding the company and those officials liable for illegally selling unregistered securities and issuing misleading press releases.
The SEC's motion for contempt claims Altomare and Gunderson continued this after Lynch's ruling. Universal Express raised $9.5 million selling unregistered securities this year while Altomare took a $1 million salary from the money-losing luggage shipping firm, according to Miami attorney Jane Moscowitz, the company's receiver, who will liquidate its assets and examine Altomare's finances.
Now federal authorities are investigating possible criminal conduct by Altomare and Gunderson. In his failed motion on Oct. 11 to delay the following day's contempt hearing, their Miami-based attorney, Arthur Tifford, said he spoke to officials with the U.S. Attorney's Office and the Federal Bureau of Investigation in September. They told him they had a criminal investigation into both clients and asked to depose Altomare.
The U.S. Attorney started investigating the case in 2004, when the SEC filed suit, but stayed its proceedings, Tifford wrote in his motion. He added that stock trader Tarun Mendiratta, a co-defendant in the SEC case awaiting trial, appeared to be cooperating with the SEC and the U.S. Attorney.
Tifford said the criminal investigation forced him to withdraw as Gunderson's attorney. "The only reasonable explanation for the U.S. Attorney's sudden reappearance is Messrs. Altomare and Gunderson's announced intention and expressed reference to presenting a strong and meaningful opposition to the SEC's motion for civil contempt. And to chill that intent through circumstances that amount to unfairness and trigger prejudice." Tifford didn't return a call for comment.
Altomare and Gunderson have appealed the damages.
Hello, I'm new here. Does anyone know any updates on the Del Fuego GTL project in Argentina?
Losing confidence for a good reason. This company is nothing but illusions.
You all are wasting your time on this POS. This company will be out of business soon. All PRs are BSs. Get out while you can. Just my humble opinion.
SoSo, you're absolutely right. Lanza will drag this Company down until the lawsuit is settled and placed behind and gone. Who really knows what this arzh0le did having done contracts such as with OMDA.
Pedro, I cannot control what the SEC enforces and make amendments. But I do know that I'll be having a very merry Christmas! Thanks to USXP!
USXPE Bid: 0.0001 Ask: 0.0003 Last: 0.0002 ($): 0.00 Vol: 219,107,249
Patience is a virtue.
Yes, Pedro you're reading the article correct. The deadline would actually be around Dec. 5th.
Good Luck
cardvic, are you referring to the following statement done sometime early 2006?
Notice at the bottom of this PR, "Safe Harbor Statement", do you understand what this implies at all?
The Chairman quoted the Company’s General Counsel, Chris G. Gunderson, as follows:
“I believe Universal Express’ share price could rise far in excess of $2 per share if the SEC eliminates its Grandfather Clause from its Regulation SHO. This would force many hedge funds, private equity funds and other market institutions to cover their gigantic naked short positions in Universal’s shares over the last 10 years, by being forced to buy actual shares in the open market.
Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission
Contact:
Chris Gunderson
Universal Express, Inc.
917-639-4157
publicrelations@usxp.com
re:Hey Gunderson, where is that 2 bucks a share? Grandfather law repealed.
NSS has 35 days to cover after the GF had been taken off which is Oct. 15th. Not counting the weekends and holiday, the end date is Dec. 5th, give or take.
Read: http://www.nasdaqtrader.com/trader/news/2007/regulatoryalerts/ra2007-086.stm
Here's the link, thanks to lifegear.
http://www.nasdaqtrader.com/trader/news/2007/regulatoryalerts/ra2007-086.stm
By: jking1999
15 Oct 2007, 10:18 AM EDT
Msg. 538713 of 538713
Jump to msg. #
4,132,711 shares traded so far. Looks like all the NSS shares have been covered...
NOT! NSS has 35 more days to cover after 10/15/07. Everybody is holding.
Hey! Nobody is dumping!
Remember OJ winning his case. The Goldmans' and Nicole's family did not appeal but got OJ with the wrongful death? Well it's kinda like USXP with OJ being the SEC. USXP may not able to appeal this one. But I'll bet you USXP has something else in the works with Gundy as being like the wrongful resignation of RA and the demise of USXP.
This explains it all. I'm sorry you've lost your money to these crooks. You have supported them so this makes you an accomplice.
re:> Or did the lawsuit against te SEC turn the heat up on him?
7/2/2007
Universal Express Responds to SEC Retaliation For Its Naked Shorting Published Statement
NEW YORK, NY – July 2, 2007- Universal Express Inc. (OTCBB: USXP), today responded to the Denver office of the SEC’s retaliation against Universal Express the day following the publication by the Company of a full page statement on Naked Shorting in The New York Times Business Section last Thursday, June 28, 2007, www.usxp.com/newyorktime.pdf.
“The SEC, among its other unwarranted attacks on the Company for over 10 years to silence the Company’s complaints about naked shorting, seeks a court order fining the Company $2500 a day. Subtract it from our $700,000,000, which will be awarded to Universal Express in our entitled Jury trial appeal,” said Richard Altomare, President and CEO.
“The SEC’s reaction to our statement on behalf of our employees and shareholders is a desperate and retaliatory move to now even suppress the free speech rights of our Company and its employees and shareholders,” stated Mr. Altomare.
“This continuing attempt at abuse of power against our Company and many other ‘whistleblowers’ on ‘naked shorting’ is ironic coming from an agency that has permitted trillions of unregistered and counterfeit shares to be issued in the names of smaller public companies, putting over 6,000 of such companies out of business and destroying the investments and jobs of hundreds of thousands of Americans,” continued Mr. Altomare.
“The SEC simply misunderstands the facts about our shares, which have been properly issued and clearly recorded in our published reports; while the SEC has illegally permitted marketmakers, broker-dealers and hedge funds to secretly issue trillions of counterfeit shares in companies’ names in violation of the Counterfeiting Statutes of the United States. They have committed and continue to allow trillions of crimes to occur daily.
“This retaliation and harassment of Universal Express on Naked Shorting is nothing new, stated Chris Gunderson, General Counsel of Universal Express. It commenced in May, 2003 by the same SEC’s Denver Office, a few days following the Company’s second jury verdict against ‘naked shorters’ in Florida, with verdicts totaling over $700 Million,” continued Mr. Gunderson.
We are all guilty here. I am sure that many of us made some money or a lot of money based on what some of you call "lies" or what I call "speculation". RA generated a lot of speculations which brought hope and dreams to some of us. It was a speculation that was not impossible or far fetch.
Many posters here were pretty sure he was going to jail before the trial ever started. The very same posters who are feeding us this new court report now. How can we trust them?
A great lie. It maybe lies to common people. Come on, all of you are supposed to be investors. They are common tools that most company CEOs use. Tools called "speculation", "LOI", "dd" on possible aquisitions, and "pumping the stock". We are aware of these things.
Unfortunately, they always become lies to us when we lose money. Also, don't forget politicians use the same tools to get elected. They thrived on speculations, expectations of the people, and always "pumping" themselves.
Robert you're too hard on yourself. RA was a good speaker.
No, since there's no significant short interest. Do you understand what "dilution" means? And "crook"? How about "DOJ investigation"?
Janice, do you understand NSS? Innocent until proven guilty? Hard facts?
So far Pedro or Virginian cannot get into PACER to access all the court docs. I don't trust anyone here at all especially you. I'll believe it when RA makes the announcement in public. Right now it is just an INVESTIGATION. They are not accusing him right now. I'll beleive it if he gets convicted. Do you know how many pennystock CEOs out there are doing what you've described RA was doing? If they prosecute RA, then they must go after most of the pennystock companies.
Just my humble opinion. Cheers!
Thanks, tkalantzis. Since USXPE is still trading, do you think there will be massive coverings? So the next court date won't be until 1/11/08?
tkalantzis, thanks for the important post. Does this mean he is getting the jury trial?
david, in America you don't go to jail until proven guilty.
Puppy, you can bet on RA showing up and he will tell them like it is. It'll turnout to be a mistrial with RA walking away.
Hey Puppy, better jump on before you miss the boat. Don't want you to drown.
Per your comment:
"lots of people just like beeboy who believe bad bad mr shorty will be paying up on the 16th and are buying plus momo players playing the volume play
couple of boards already bragging about making money on the flip!"
The ask went up to .0003 whoever got out, many more want in.
Thanks, tkalantzis. There are many people out there beleive that this injustice will be dealt with at the higher courts.
I use to work in a court house. If docs were filed, the main page and the pages with it should have had a "case number" and the court stamp on each one with the date and time filed. So, where are they on the pages presented from JKing?
Don't the insiders currently own over 1.5 billion common shares?
I have witnessed many CEOs who have done bad jobs in a Company get outrageous compensations. For example, Mirant Energy Co. had filed for Chap 13, and its CEO had gotten bonuses on top of her multi-million dollar salary. Its stocks plummeted and after they emerged from bankruptcy, the company announced that thay will have a new ticker symbol and the old stocks will be worth nothing. How crooked is that? Kmart did the same thing 4 years ago which I've lost my shirt!
If USXP is indeed shutdown, would'nt the media like the NY Times or the Florida Herald or Post will have a field day on this event. There were a couple of people from these media that love to write bad things on RA and USXP in the past. So where are they now?