Here's some choice stuff from the SECOND REPORT OF THE RECEIVER OF UNIVERSAL EXPRESS, INC.
Altomare's use of corporate funds
Credit cards
Altomare had a number of personal credit cards which were in his name Those credit cards were paid for by the Company, however, and there are no records of any reimbursement by Altomare of those funds. Overtly personal items, such as clothing, were accounted for by the bookkeeper as added salary. All hotels, airfare, and meals was simply paid by the Company and accounted for as business expenses.
Les Bijoux
Bank account records of the Company show that between April 13, 2006 and May 16, 2007, the Company paid $558,900 to Les Bijoux, a retail jeweler located in Boca Raton. On or about October 5, 2007, the SEC learned that Altomare had taken the jewelry purchased from Les Bijoux to The Estate Department, Inc., a second hand jewelry dealer, where he personally had obtained $500,000 in cash for that jewelry. On or about October 10, 2007, the Receiver served a writ of execution for the SEC and obtained the jewelry, which is now being held in a safe deposit box. The SEC has filed a motion in the case to determine the ownership of the jewelry.
Private airplane trips
The Receiver reviewed the records of the Company and determined that the Company had chartered private jets on 30 occasions between January 11, 2007 and June 22, 2007. The Company paid $272,464.20 and, according to Universal Jet, additionally owes it $223,110.04 for these flights. Exhibit B, attached hereto, details these expenses. [4]
[4] Altomare also charged the Company for two one way tickets from Miami to London on Virgin Atlantic Upper Class at $8,123.91 each.
Markers
Bank records reflect that the Company paid $30,000 to cover Altomare's markers at the Wynn Las Vegas in July 2007.
Demand to Altomare
The Receiver has made demand on Altomare for the return of Company funds expended on jewelry, gambling markers, and an unwarranted bonus.
