Wednesday, March 26, 2008

A Naked Shorting Poster Child's Merry Ex-CEO

Floyd Norris today recounts the rich lifestyle of former Universal Express CEO Richard A. Altomare, best known for his distinguished leadership of the Baloney Brigade naked shorting conspiracy cult.

Seems that Altomare, who has since been replaced as Baloney Brigade Field Marshall by Overstock.com CEO Patrick Byrne, is living on the lap of luxury -- despite having been kicked out as CEO of his company by the SEC.

Floyd recounts:

Meanwhile, despite having no sources of income, and two homes that are cash drains and worth less than their mortgages, Mr. and Mrs. Altomare manage to keep their three cars. There is a 2007 Mercedes ML350 and a 2007 Mercedes S550V. And when the two Mercedes are not good enough — one must keep up appearances, after all — they can drive the 2006 Bentley. Over the year after the judgment was issued, lease and insurance payments on the cars came to $100,326. Mr. Altomare also managed to keep current on his $4,600 monthly life insurance premiums.
The SEC wants to put him in jail for contempt, which would of course spoil all the fun. What strikes me as odd is the lack of interest in this creep from the Justice Department, despite past rumblings of an FBI investigation.

© 2008 Gary Weiss. All rights reserved.

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