Judge Holds Ex-Universal Express CEO In Contempt

Law360, New York (April 22, 2008, 12:00 AM EDT) -- The former chief executive officer of luggage delivery company Universal Express Inc. has been held in contempt by a district court after he failed to disgorge ill-gotten gains obtained in a securities fraud scheme.

Judge Gerard Lynch of the U.S. District Court of the Southern District of New York ruled on Friday that Richard Altomare faces jail until he disgorges $1.42 million and pays $283,073 in prejudgment interest. Lynch said that Altomare will be incarcerated until he either complies with the terms or proves that payment...
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