DALLAS (CN) - Universal Express Inc., its CEO Richard Altomare and its attorney Chris Gunderson defrauded the public by issuing 500 million unregistered shares and publishing false press releases announcing they had secured $885 million in funding, the SEC claims in Federal Court. These defendants, and others, dumped their own shares and illegally diverted shares to family members, to be dumped while they manipulated the share price, the SEC says.
Here are the defendants:
UEI is based in Boca Raton, Fla.
Altomare, 55, of Boca Raton, is CEO and the company's sole officer and director.
Gunderson, of Queens, N.Y., has been UEI's in-house counsel since 1995.
Mark S. Neuhaus, 49, is a racecar driver who lives in New York City. "He participated in the unregistered public distribution of Universal stock and engaged in fraudulent conduct," the SEC says.
George Sandhu, 38, of New York City, works for an investment adviser registered with the SEC. "He participated in the unregistered public distribution of Universal stock and engaged in fraudulent conduct," the SEC says.
Spiga Ltd. is a Bermuda-based investment company controlled by Sandhu and owned by Sandhu's brother-in-law, who lives overseas.
Tarun Mendiratta, 33, of Weston, Conn., "directed and controlled the disposition of Universal stock received by nominees who he controlled," the SEC says.
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