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Altomare blatantly and repeatedly lied in multiple press releases and SEC filings.
That is fraudulent action.
Time to stop the lies and whining and pay the piper.
If you can't do the time, don't do the crime.
re: Altofraud provided the stock and the PRs as bait designed to bring in the fish and all the dumpers had to do was dump."
Yup - that's the way it's done all the time and most of the perps get away with it. The Feds rarely prosecute fraudsters. Professional courtesy, I guess.
Wynn let RA run up a $30K debt? Jeez, doesn't *anybody* do any DD any more?
Maybe *that* will inspire the Feds to finally file criminal charges.
re: "Of the 24 items the marshalls seized one was a 11 karat diamond ring which Altomare paid $500,000 for out of USXP accounts in 2006!"
That's like saying kicking a pickpocket off the midway is a sad day for carnival goers.
Sanity check is a good name for that site.
Check your sanity at the door when you enter.
I suggest you do nothing. When the stock price reaches zero (no longer trading) you can get the tax loss without spending any more money.
Well that sure sucks for them.
The IRS might also have something to say before this is over.
"Will they use all the cash from selling the few assets to pay down the debt?"
I think getting the ex employees their paychecks is the first priority. They oughtta send some marshals to Boca to seize all the art Babs bought with company money, if it hasn't been shipped offshore already.
re: "I find it difficult to believe that the financials will actually be audited, as required."
Agreed - audits aren't cheap. Perhaps the 10K is a necessary step for a smooth bankruptcy. A bunch of 8Ks should have been filed and weren't, so even with a 10K USXP is out of compliance.
The universal express mentioned in that article is not USXP. There are multiple companies with that name.
I've heard some members of the baloney brigade saying the sneaky naked shorts are all waiting until the last day to cover.
When the MOASS fails to appear in 35 days, the shills whill probably say the shorts are defying the rule and the SEC is failing to go after them.
When the price gets this low on a stock, the bid and ask seen by the public is irrelevant. We only see four decimal places, and the MMs can use more. A trade at 0.00005 shows up as 0.0001
That was an intentionally false and misleading statement, targeted at people like you. Wake up and smell the scam.
Yes, in 2001 RA kicked it up a big notch. Apparently the success of the prior years led him to think he'd never get caught.
It hasn't been a paper mill for 23 years, just since RA got control, but yes, the SEC is way too lax about going after the penny scammers. They should have stopped this fraud in 1999.
re: "The whole thing is so sad. I do not understand the motive of a CEO to steal like this? He knew he would be caught no?
The sad fact is the vast majority of penny stock scammers get away with it. RA was simply too greedy for too long.
You are laboring under multiple misconceptions.
Check your facts before posting.
A potential paper purchaser, perhaps?
I wonder who the blob in the white track suit is.
Be patient. It will fill eventually.
Bud Burrell says Universal Express a short selling victim and SEC not telling the truth.
LOL! Nobody's lost any money betting against Bud being right.
Oh. When you said "no" I thought it was your answer to my question: "Do you deny USXP committed securities fraud?"
I'll answer your question after you answer that one.
The Australian version of the SEC did the same thing, to provide a lesson in watching out for scams.
Do you concede that RA purchased Global Trucking? That was mentioned in an audited 10 k.
Nope. The only mention of it in an audited 10K was in the one for 2006, which said:
"On June 21, 2006, the Company announced the signing of a contract to purchase
Global Trucking Services, a provider of luggage delivery services and trucking
services for major airlines serving the Miami, Florida market."
http://sec.freeedgar.com/displayText.asp?ID=4675588
That is, of course, quite true. The company did announce that.
You linked to an unaudited 10Q. Maybe RA was telling the truth, maybe he wasn't - it has yet to be verified by an auditor.
Same with the MJ stuff. Gotta wait for a 10K to see if the auditor says it was actually purchased. Maybe it was, but we don't know for sure yet.
Re believing receivership has happened. It was on PACER. That contains copies of official court documents. As such, it is an unimpeachable source.
needdiamonds - Thank you for acknowledging USXP committed securities fraud. Among the believers, you're the first.
Please repeat your question to me - I forgot what it was as I thought it was rhetorical.
Until an audited 10k appears, we really don't know if that was true or not.
Also, there is no evidence he actually purchased the MJ items, as in paid the owner money in exchange for them. Some of the Vegas court stuff seems to say he was acting as the owner's agent and/or was going to pay for them after the auction. Absent an audited 10K, we don't know that either. One thing is certain: the dollar values cited in the MJ auction hype releases turned out to be BS, so they certainly were not truthful. All it takes is one lie, and a PR isn't truthful.
Thank you for trying, though. It's more than anyone else has done.
JakJak - Market wire does not put out news. They publish press releases for a fee. They'd publish you've been appointed Emperor of North America, if you pay their fee.
needdiamonds - Thank you.
Please link to the PRs about which you were speaking so it can be verified they were free of any false or misleading claims. Thanks.
Congratulations, nobody else will deny it either. Whenever I've posed that question, those who respond usually issue a non sequitur like yours or ignore the question and pose one of their own.
The same thing happens when I ask a usxp believer if he thinks RA is an honest man. So far, nobody has answered. Some people have actually said they don't know what their opinion is.
And for five+ years I've been asking usxp believers to show me a usxp press release about an acquisition or funding which turned out to have been truthful. That one they usually ignore altogether.
It is fascinating to witness the mental gymnastics people will perform to avoid acknowledging the ugly truth - they got conned by a penny stock scammer.
There's no shame in being conned ... once.
Do you deny Altomare committed securities fraud?
re: still hope that their losses are minimal.
For shareholders who don't unload their shares on some other poor individual, their losses will be total.
I expect an 8K filing is imminent.
When did this happen?
August 31st - ROTFLMAO!!!!!!!!!!!!!
To paraphrase the old Everly Brothers song...
Bye bye RA,
Bye bye Gunderson,
Hello bankruptcy,
The stucks are gonna cry-y,
Bye bye R.A. bye bye.
RA's dishonesty may be pathological. He has shown many characteristics of a sociopath.
The disgorgement and fines are for only the ill-gotten gains and violations from 2001 - 2004. Considering their actions before and since, they're getting off cheaply.
re can't find this part anywhere on his bio over the last few years
When it was exposed as a lie, he changed it on subsequent bios.
Same with some other lies.
from a USXP 10K
RICHARD A. ALTOMARE. Mr. Altomare, an investment and reorganization
specialist has been active as President and Chairman of the Board of Packaging
Plus Services, Inc. since January, 1992. From 1987 to 1991, Mr. Altomare was
President and CEO of R & V International, an investment banking firm. Prior to
that he served as President & CEO of Alta, Ltd., an investment syndicator.
During the years 1982 through 1984 Mr. Altomare served as President of Amerivest
Group, specializing in equipment leasing and syndications. He has been active in
the franchise industry for over 20 years with Food Mart USA, Carvel and
Packaging Plus and was a former CEO of two professional sports franchises. Mr.
Altomare served in the U.S. Marine Corps and Army Reserve from 1969 to 1975,
retiring as a Captain.
http://sec.freeedgar.com/displayText.asp?ID=1070718
Does *anybody* here think it is truthful?
Will RA soon be singing, from the great old Warren Zevon tune:
Now I'm hiding in Honduras
I'm a desperate man
Send lawyers, guns and money
The ____ has hit the fan
LOL!!