Richard Altomare Testifies in Court

I'm Flat Broke Your Honor

After two days of testimony, Richard Altomare, the notorious former CEO of Universal Express, Inc. (USXP.PK), has once again dodged a bullet in court. According to what appear to be eyewitness reports posted in a discussion forum called Raging Bull Altomare finally complied with the court's order to take the stand. Previously, Judge Lynch had warned Altomare that if he didn't come prepared to discuss his assets he had better bring a toothbrush. What came from his testimony can be found in bits-n-pieces on the Raging Bull forum from users named "ct_outdoorsman" and "xrayviscion". The point of Altomare's testimony is to show the judge why he has not made payments on fines handed down by the court.

It looks like Altomare is doing everything he can to convince the court he is flat broke, not a hard task for a penny stock scam artist to do, most are quite capable of spending beyond their means. Like the $300,000 in cash he spent on everyday bills, the payment on the Bentley (something no penny stock CEO should be without), another $600,000 spent renovating his $4,000,000 condo, $98,000 or so spent on flat screen TV's and a stereo system, - you know, all the normal stuff but he did charge a few things, like when he wined and dined "the contacts he needs to maintain" (future pen pals?). Then there is the $150,000 he gave to his attorney but he's not sure what it was for.

The Touts Come Out and About

Seeing this as a victory of sorts, the fact that Altomare is not in jail, the touts were quick to jump on the message boards and pump the stock they so desperately want to dump. thinktank7777, a poster on Raging Bull, writes "NOW MIGHT BE A GOOD TIME TO BUY USXP STOCK". Never mind the fact the SEC has seized the company, removed Altomare, and begun the process of liquidating the company. thinktank7777 writes with desperation and can often be found rambling on and on about all the bizarre reasons he thinks people should hang on to their shares of stock in USXP.

Not to be outdone, there is a self-employed photographer using the alias mekay who spends his days attacking without remorse anyone that has anything adverse to say. mekay's efforts to squeeze something out of this horrible mistake he thought was an investment probably crossed the line when he started trying to convince people he has inside information.

In another forum... one of our favorite stock touting scamsters, Doogrof, has returned with a piece warning people that " Universal Express will rise again and the SEC and its minions will pay for it". Your's truly believes the only thing Altomare will rise to in the future is the sound of the prison dinner bell.

This Doesn't Look Good on My Resume your Honor

It has been reported that at one point during his testimony Richard Altomare stated that his effort to find a job has been hampered by all of the publicity surrounding this case. No surprise here. How many companies are looking for a former CEO nicknamed "Commander Fluffy" and "Altofraud" that has sold billions of shares illegally into the market while absconding with millions of dollars? Maybe Altomare could be a real catch if you need a guy that can run a company for 15 years without ever making a profit, and do it while living like a king. Problem is, if you hire him now it's quite probable he will have to run your company from a jail cell.

The Threats Continue

ct_outdoorsman, the user posting eyewitness accounts of the court hearings on Raging Bull, was recently threatened:

"Due to some recent threats by a yahoo board member, my hearing notes will only be available via email. I will mail them to ezspence and he can disseminate only to those he deems appropriate, not the kool-aid gang. Notes should be ready tonight, if not enjoy them with morning coffee."

Another user sent me a copy of a threat they received regarding this blog:

Sent By: virginian

To: xxxxxxx

Date:1/22/2008 2:37:11 PM

That was a Fucking bullshit blog. DO NOT FUCKING POST IT AGAIN!!!!!!!!I will deal with that asswipe!!!!!!!!


"It's against my principles to kill anything, unless I absolutely have to"

virginian can be found on Investor's Hub, I included virginian in a piece I wrote back in January about the touts on that forum. Maybe virginian's signature line, as seen in the above threat, tells you something about the man. This is the person that was moderating the USXP forum on Investor's Hub, believe it or not.