Friday, May 02, 2008

Today is 'Go to Jail' Day for Richard Altomare

Today is "go to jail" day for former Universal Express CEO Richard A. Altomare, who looted his company while crying about a nonexistent "naked shorting" conspiracy. A last-minute motion by Altomare to avoid federal hospitality was thrown out yesterday by Judge Gerald Lynch.

What's interesting, apart from the ridiculous amount of time it took for the SEC to throw this louse in jail, is Altomare's contemptuous stance toward the entire judicial process -- a Patrick Byrne-ish attitude that the usual standards of civilized behavior do not apply to him.

In denying Altomare's last-ditch motion, Lynch said:

Altomare appears to assume that the Court's order does not mean what it says. He begins by expressing "appreciat[ion]" for the Court's "apparently providing for an additional opportunity to produce documentation to show 'categorically and in detail' that any further payment is impossible." . . . That is not what the order provides. Rather, the Court expressly and unequivocally ordered that Altomare "surrender to the United States Marshal for the Southern District of New York on May 2,2008, to be incarcerated until such time as he purges himself of the contempt, unless he has paid the disgorgement amount in full by that date.". . . There is no mention of a further hearing. Rather, the passage quoted by Altomare provides, equally clearly, that Altomare is found to be in contempt, and that in order to compel his compliance with the Court's orders, he "will be incarcerated until he pays the disgorgement and prejudgment interest in full, or produces documentation to show categorically and in detail that any further payment is impossible."

So that was that, at least as far as the judicial record is concerned. Here is the bottom line:

© 2008 Gary Weiss. All rights reserved.

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