SEC Wants Universal Express Execs Held In Contempt

Law360, New York (July 2, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission asked a federal judge Friday to declare Universal Express Inc., its CEO and its in-house counsel in contempt for allegedly violating a permanent injunction ordered in April 2007, along with a $26 million verdict.

CEO Richard A. Altomare and counsel Chris G. Gunderson, Jr. have issued over 15 billion shares of Universal Express stock, have made misleading statements to the SEC, and have not paid almost $2 million in prejudgment interest and disgorgement, as was required, all since April 2007...
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