Universal Express controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2008
Illegal issuance and distribution of unregistered shares
The SEC and federal courts found that Universal Express was principally involved in the issuance and distribution of very large quantities of illegal, unregistered stock. The company and senior officers faced disgorgement, civil penalties, injunctions, and penny-stock bars.
2008
Misleading UniversalPost claims
The company's claims about a postal-center network and its revenue were found misleading or fictional, with the court connecting the publicity to stock distribution.
2008
Contempt proceedings against Richard Altomare
Altomare was held in contempt of court, imprisoned, and barred from acting as an executive of a public company.