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Yeah, that was sweet, but Plant had go way over the top to get hit with criminal charges. Beyond securities fraud, he got busted for providing false documents to the SEC, witness tampering, and obstructing an investigation. If he hadn't been such an idiot it would have remained in civil court and he'd be free like Altomare and Gunderson.
Until they start handing out prison sentences instead of slaps on the wrist, penny fraudsters will continue fearlessly fleecing gullible investors.
Corporations and their directors and officers face an increased risk of being sued by the Securities and Exchange Commission for aiding and abetting the frauds of other companies,
Good to hear of some improvement, but from what I see, shoplifting is still treated as a more serious crime than penny stock fraud.
Hi there puppydotcom.
I got out of the markets a while back, so I don't frequent financial sites much. I gave up whistleblowing on penny pumpndump scams when it became all too obvious the authorities have no intention of policing the OTC market.
Unfortunately for the victims, like most penny scammers, he got away with it.
saudek - usxp is quite dead.
All State - I don't know.
The statute of limitations on securities fraud is, I believe, five years. SEC filed against him in March 2004.
I don't think he went anywhere. As far as I know he's still in his house in Boca.
I suspect he stashed money offshore and is living well. There's no way he could have spent all the money from all shares he sold both before and after the SEC charges were filed.
But even if he did spend it all and is broke, he's not in prison where he belongs, so he got away with it.
Yup, USXP is an ex-parrot.
What stinks is: RA got away with it.
Sounds like you're assembling a sucker list for direct mail pump and dumpers. Altomare is a scammer, and now you get to be guilty by association.
I'd guess he's at home in Florida, working on the next scam.
The lawsuit demanded RA return the money he stole between April of 2001 and March 2004. Everything he stole between March 2004 and the day he was finally kicked out he gets to keep.
In the dreams of the gullible suckers who believed Altomare's lies.
Where is the Money $ 700,000,000.00
I guess you're not familiar with options or commodities futures.
Simple, you place a buy order with your broker and buy shares on the open market, the same way anyone does.
With scams like USXP, shares can often be bought directly from the scammer at below market price.
re: how do you replace the ones which were sold ?
There was never a "massive naked short position" in USXP. RA didn't even try to produce evidence of it in SEC v Altomare
dia duit - Oops. I didn't pay proper attention to the first line of your post to which I responded. Mea culpa.
USXP was a scam from day one.
Now it's an ex scam.
You don't really deny RA committed fraud, do you?
If so, he should start practicing rolling his eyes back in his head and channeling historical figures.
I just read on another board that one of the members of the cult board says it was written by RA. I have no doubts it was he. The style is that of the Rosa Parks/Susan B Anthony press release.
sorry 'bout double post - I got a message saying "try again."
I just read on another board that today's word from the cult board says it was written by RA. I have no doubts it was he. The style is that of the Rosa Parks/Susan B Anthony press release.
What a crock of merde! That dishonest screed must have been written by the former chief executive sociopath of usxp, Capt. Fluffy himself!
ct - Well good, at least *somebody* was smart enough to get paid up front. I can't believe how so many people could agree to let RA pay them later for expensive services. Even the NY Times let him con them, when a few minutes at a computer terminal would have turned up enough red flags to demand payment up front.
Wrong! RA stiffed them all. I guess the author didn't read the receiver's reports.
re: The company spent enormous amounts of funds on expensive advertising in various premier sporting events including race car driving, ice hockey, and baseball.
The only thing the company spent enormous amounts on was supporting RA's lifestyle.
Textbook cult mentality.
I think that they dislike former strong supporters of USXP more than they dislike us bashers who saw USXP as a scam from the start. You have betrayed their cause and deserted. For that there is no forgiveness in their warped world-view.
May is mental health month. Seek help!
It was not for naked shorting. When filed, the lawsuit was for failure to perform on a contract. (Some "funders" failed to kick back a share of the proceeds of stock dumping after RA pumped.) It was only later that he threw up the naked shorting lie to hook some more delusional fish.
Most likely the MCC near the courthouse in NY.
Your screed contains multiple false statements.
No they're not.
Do you have a link to the appeals court site which shows they've agreed to hear the case and when?
The South Florida companies are, I think, the companies owned or controlled by the other defendants in the SEC's suit -
MARK S. NEUHAUS,
GEORGE J. SANDHU,
SPIGA, LTD.,
TARUN MENDIRATTA
"The judge ruled the company, Altomare and its general counsel issued more than 500 million shares of unregistered public securities between April 2001 and January 2004."
Share count at start of January 2004 - 650,181,232
Share count at end of December 2006 - 15,981,433,343
Unless the SEC brings another case, RA is not being held accountable for the illegal issuance of those 15.3 Billion shares.
Who says crime doesn't pay?
Who wrote that? The first sentence has been so thoroughly discredited I stopped reading at that point.
If you know the author, remind him the falsehoods are supposed to be buried a bit deeper in such screeds.
At least your money bought you a lesson in how to recognize a penny scam, so you won't get ripped off by one again.
Those who remain in denial will probably see history repeat.
USXP's book value is negative due to all the outstanding debt. For the most part, the only bills usxp paid were RA's personal ones.
Redemption?? For who, the people who stole your money? Surely you can't hope they get away with it.
"has USXP been damaged by COUNTERFEITING?"
Yes. All those unregistered (counterfeit) shares RA printed and dumped did the trick.