Universal Express
Encyclopedia
Universal Express claimed to be a transportation and logistics
Logistics
Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging, and...

 service company and was registered in Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...

 and headquartered in Boca Raton, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...

. However, investigation by the SEC clearly revealed that the primary business of USXP was the production of and distribution of billions of illegal, unregistered shares. The money from these sales went directly to support the lavish lifestyle of Richard Altomare and his supporters. Some funds were diverted to advertising designed to push the sale of additional shares.

CEO Richard A. Altomare took control of the defunct Packaging Plus Services in 1988, and immediately began issuing billions of illegal and unregistered shares of stock, before the company collapsed in 2007. In later years, the company became known for accusations of naked short selling
Naked short selling
Naked short selling, or naked shorting, is the practice of short-selling a financial instrument without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame,...

 and questionable S.E.C. filings. A receiver was appointed for Universal Express by a federal judge at the request of the S.E.C. The judge ordered Universal and its top officers to pay $21.9 million and barred them from future penny stock sales.

Altomare was ordered to prison for contempt of court in April 2008. In May, 2008, he was incarcerated in the Metropolitan Correctional Center, New York City
Metropolitan Correctional Center, New York City
The Metropolitan Correctional Center, New York City is a Federal Bureau of Prisons remand center in downtown Manhattan in New York City, located on Park Row behind the Thurgood Marshall United States Courthouse at Foley Square....

. Altomare has been barred from being an executive of any public company. A federal court judge, in finding that the company and its top officers had violated securites laws, called Altomare, and Universal Express' general counsel, Chris Gunderson, "repeated and remorseless violators" of the securities laws. http://www.nytimes.com/2007/06/21/business/worldbusiness/21iht-norris.4.6267140.html

Services

The company's UniversalPost network claimed to provide support infrastructure for private Postal Service Centers. However, independent contacts with the claimed partner postal center revealed they were not aware of any relationship they had with USXP. It's Luggage Express service allowed travelers to have their luggage collected and delivered separately from their personal travel arrangements. Michael Xirinachs was charged with engaging in unregistered distribution and sale of over 21 billion shares of Universal Express. He too received an injection, disgorgement, civil penalties, & a penny stock bar.

External links

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