Replies to post #61030 on DD Support Board and Research Team

[scion]

02/26/2014 63 JURY VERDICT as to Richard Altomare (1) Guilty on Count 1,2-4 (ots) (Entered: 02/26/2014)

Doc 63 PDF file
http://www.scribd.com/doc/209497014/USA-v-Altomare-Doc-63-Filed-26-Feb-14

See also -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97930372

[janice shell]

Damn, I didn't even know he'd been indicted. But it's excellent news.

[Crazy Money]

oh my it says "Sentencing" ;-)

[Crazy Money]

Unbeknownst to Altomare, his former associate was an informant for the FBI.

[LeGoose]

I'm surprised. FL is the state of Pink Sheet integrity.

[stockmasterflash]

So I guess the movie deal is off???

MoneyTV with Donald Baillargeon, 8/12

Date : 08/12/2011 @ 5:00AM

Source : MarketWire
Stock : MoneyTV; WOWIO, Inc.; Imaging3, Inc.; XsunX, Inc.; MMRGlobal, Inc. (MMRF)
Quote : 0.035 0.0 (0.00%) @ 2:05AM


Quote:Featured companies on this week's program include:

Naked Short Sellers and the internet chat room methods employed by them to illegally profit from the activity, was discussed in a special round table forum by the guest CEOs on this week's MoneyTV episode.

WOWIO, Inc. CEO Brian Altounian updated information about WOWIO moving towards becoming a public company.

Imaging3, Inc. (OTCBB: IMGG) CEO Dean Janes previewed the company's public open house next week.

MMRGlobal, Inc. (OTCBB: MMRF) CEO Robert Lorsch explained the importance of having your important records preserved online.

XsunX, Inc. (OTCBB: XSNX) CEO Tom Djokovich detailed the significant interest from potential customers in the company's CIGS solar technology.

Sold Short in America author Richard Altomare announced a movie deal in the works for his book.

MoneyTV debuted in 1996 and is broadcast internationally in more than 180 million TV households in over 75 countries.



http://ih.advfn.com/p.php?pid=nmona&article=48806595&symbol=MMRF

[scion]

Former Palm Beach County CEO convicted on mail fraud

By Kate Jacobson, Sun Sentinel
8:03 p.m. EST, February 26, 2014

Richard Altomare, 65, of Palm Beach County has been convicted by a jury on four counts of fraud, according to a news release from the United States Attorney's Office Southern District of Florida.

[...]
more
http://www.sun-sentinel.com/news/palm-beach/sfl-former-palm-beach-county-ceo-convicted-mail-fraud-20140226,0,2242414.story

[Zorax]

Defense attorneys are given WAY to many litigation excuses to stretch this crap out. Introduce a page of data and get 6 months extension to read it. It's bullshit. That and the plead of 'no admittance of guilt, but will pay a fine' needs to be totally abolished in the system.

[scion]

The conspiracist of naked shorts

Aaron Elstein
February 27, 2014 11:11 a.m.
http://www.crainsnewyork.com/article/20140227/BLOGS02/140229888/the-conspiracist-of-naked-shorts

On Wednesday, a federal jury in Fort Lauderdale, Fla., found a former New York businessman guilty of fraud. Ordinarily this wouldn't be of any great interest, except in this case the guilty individual is a gentleman named Richard Altomare.

If you don't know about the colorful Mr. Altomare and his campaign against what he considered Wall Street obscenity, pull up a seat.

Mr. Altomare, 65, ran a Manhattan-based luggage-handling company called Universal Express. The firm barely generated any revenue or profit and in Mr. Altomare's considered opinion that's because it was the victim of a conspiracy orchestrated by naked short sellers.

And what are naked short-sellers? The following explanation is 'safe for work': Under the rules of short-selling, investors sell shares borrowed from a broker and hope to exit their position at a profit by buying the stock later at a lower price. But in a naked short, the borrowing transaction is never completed, so the seller never has to buy the stock to close his position. The constant stream of selling can act as a deadweight on a company's stock, at least according to those who believe this is a serious problem in the markets, as Mr. Altomare did.

Here's a video he created about the topic.

While he bemoaned his company's fate, Universal Express issued more than 21 billion unregistered shares, the sales of which financed Mr. Altomare's salary of $1 million per year. The stock was so plentiful that at one point 625 Universal Express shares were worth one cent. In addition to paying Mr. Altomare, proceeds from stock sales were invested in Michael Jackson memorabilia. Universal Express also bought ads at Shea Stadium and Madison Square Garden. (Mr. Altomare was also owner of the New York Arrows, an indoor soccer team that existed from 1978 to 1984.)

Eventually, the feds cracked down on Mr. Altomare's shenanigans. The Securities and Exchange Commission sued in 2004 and won a $25.7 million judgment from a federal judge, who ordered Mr. Altomare pay $3.1 million. Mr. Altomare refused. So the judge had him incarcerated at the Metropolitan Correctional Center in lower Manhattan, at which point Mr. Altomare issued a press release comparing his difficulties to those who led the charge for civil rights.

"I am sure that Rosa Parks, Susan B. Anthony and others, who questioned previously accepted 'legal' practices, were vilified, criticized and even demonized prior to the truth finally surfacing," Mr. Altomare said. "When the cause is just, the enemy must be engaged. Naked short selling and the unchecked abuse of power of a governmental agency are such valuable causes worthy of the battle."

Last fall, Mr. Altomare was indicted on four counts of mail and securities fraud for a scheme to manipulate the stock price of a company called Sunset Brands. Mr. Altomare agreed to pay a former business associate to pump up the volume in the stock and make it look hot in the hopes of attracting other investors. Alas, the associate was an FBI informant. Mr. Altomare was found guilty on all counts and faces up to 80 years in prison.

http://www.crainsnewyork.com/article/20140227/BLOGS02/140229888/the-conspiracist-of-naked-shorts