Universal Express (abbreviated USXP[1]) claimed to be a transportation and logistics service company and was registered in Nevada and headquartered in Boca Raton, Florida.
Chief Executive Officer Richard A. Altomare took control of the defunct Packaging Plus Services in 1988, and he immediately began issuing billions of illegal and unregistered shares of stock, before the company collapsed in 2007.
[5] The judge ordered Universal and its top officers to pay $21.9 million and barred them from future penny stock sales.
[12] In press releases, the company claimed that the contract brought in $9 million of annual revenue from 9,000 private postal stores.
[12] A U.S. District Court judge found that those press releases were misleading and fictional and that the company used them to sell 500 million shares of illegally issued stock between 2002 and 2004.