What’s 21 Billion Shares Among Friends?

MANHATTAN (CN) – Three men and the companies they control issued 21 billion unregistered shares of Universal Express, “which they promptly sold to public buyers on the over-the-counter market,” and made $34 million from it, the SEC claims in Federal Court.

     The SEC sued Doyle Scott Elliot and Scott Elliott Inc., of Bradenton Beach, Fla.; Michael Xirinachs of Dix Hills, N.Y., and his company, Emerald Asset Advisors LLC; Robert Weidenbaum of Coral Gables, Fla., and his company, CLX & Associates.
     The agency says the men sold Universal Express shares “at prices that ranged between approximately $0.0001 and $0.06 per share.”
     The SEC demands disgorgement of ill-gotten gains, penalties and injunctions.

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