Richard Altomare is a well known figure through out the penny stock industry. He was once the CEO of Universal Express, a publicly traded company on the bulletin board whose stock traded hundreds of millions of shares, daily, but eventually filed for bankruptcy. He had hoped to have the highest court in the nation hear his case. On Monday, the Supreme Court turned down his request.
While blaming short sellers for the companies trading woes, Altomare and his cohorts lived well by continually issuing and selling stock. This activity continued for almost a decade. Universal Express was a company whose bosses were in constant violation of securities laws. Incredulously, the appeal brief argued that as the company had been through bankruptcy, it could issue all the shares it wanted without regard to securities laws.
Amusingly, at one point, after negative press, Altomare and his USXP friends took out a full page ad in The
Times to denounce a particular writer, the S.E.C. and of course the- "bad guys" -the short sellers. Ironically, according to The Times advertising department, the ad was never paid.