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[QUOTE]Originally posted by rob_seller: [QB] Universal Express (USXP.OB) CEO Faces Day In Court A New York District Court judge is apparently not inclined to delay the SEC's civil fraud case set to be tried next month against Universal Express CEO Richard Altomare. A motion to expand discovery time by a co-defendant of Altomare was denied March 9 by the judge presiding over the case. The March 8 motion follows another filed on March 1 by SEC attorney Julie Lutz to strike 13 of 25 defenses offered by the Boca Raton express delivery firm. "To allow these defenses to stand would only complicate the case and waste valuable litigating time," the SEC said in the motion. The enforcement action by the SEC alleges the public sale of unregistered securities by defendant Universal Express, and the dissemination of false and misleading press releases. The disgorgement of proceeds of the alleged illegal sales of unregistered Universal Express stock and civil penalties are being sought by the government in the case slotted to begin in April. Universal Express, Altomare, company lawyer Chris Gunderson and New York investment advisor George Sandhu are among the seven named defendants. The trading volume and price of Universal Express shares on the Over the Counter Bulletin Board have vacillated wildly over the years, prompting Altomare to allege naked short selling of his company by traders. Source: South Florida Business Journal [/QB][/QUOTE]
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