SOLD SHORT
in AMERICA
A true David vs. Goliath story
exposing the corruptions now
fleecing America
Richard A. Altomare
SOLD SHORT IN AMERICA
AUTHOR: Richard A. Altomare
EDITOR: Richard Begelfer
COPYRIGHT © 2010 Barbara Altomare - Encore Holdings, Inc.
COVER: Concept – Richard Begelfer; Artistry & Mastering - SFD Studio, NYC
Published in eBook format by eBookIt.com
ISBN-13: 978-1-4566-0571-1
All rights reserved. No part of this book may be used or reproduced in
any manner whatsoever without the written permission of the Publisher.
Mr. Richard A. Altomare
CEO Universal Express, Inc. 2006
To all our children and grandchildren:
May you live in a future America that understands why this book should
NEVER have had to be written.
May you NEVER live in an America inhabited by robotic citizens who
have fearfully suppressed or, God forbid, forgotten those freedom loving
qualities that stir the courageous actions necessary to bring about
honorable changes within our government. Our faith in those
freedoms once defined the fabric of this great country. NEVER forget it.
To my memories of an America, when leaders were filled with Integrity, Constitutional accountability, and a sense of equitable Justice.
With special gratitude to the United States Marine Corps, which instilled
in me the importance of fighting for the truth - no matter the pain,
effort, or sacrifice.
To the memory of Universal Express (USXP), its employees,
shareholders, ideas, and investors that built our exemplary business
model. The positive dream continues to exist, and the truth of their
efforts live on.
To all of those government officials currently “above the law “, who
made this work painfully necessary … can you now hear the footsteps of
our impending justice?
To My Dear Wife Barbara,
When you agreed to marry me, neither you nor I could have fully grasped the depth or extent of “for better or for worse” as it would eventually apply to our life together.
You have stood by me during what has surely been the “worse”.
You have been publicly humiliated by those who sought to get to me, through harming you. They did their best to frighten and intimidate you with threats and financial attacks. Yet, during it all you never wavered – (maybe “swayed” a bit at times - justifiably).
Thank you for gently teaching me more about love and loyalty than I was forced to learn about the vindictiveness of wounded bureaucrats. I’ll never forget the pain I felt being separated from you for so long.
I love you
To my Attorney and friend, Chris Gunderson,
As General Counsel to USXP, some blame you for this entire event. I do not.
In fact, I admire your loyalty, steadfastness, honesty and tenacity amidst this tumultuous adventure.
I’ll never forget you visiting me daily, and subjecting yourself to the visitation process at MCC.
Thank you for calling me regularly and ever encouraging me on those dark days that justice will eventually be served.
Like some of these prison characters, you have been unforgettable.
You were a great General Counsel!
To Rich Begelfer,
During this four year travesty, I made many new friends, and couldn’t find some of my old ones. Fear of authority has taken on a new life under today’s Patriot Act mindset.
However, as my closest friend, and like the “Illustrated Man” in this book, you have courageously believed in me and my cause, embracing it as your own, and taking action.
Rich, because of your enthusiasm, technical assistance, editing and listening skills – this book has become a reality.
Thank you Richard, for your friendship, your support, and your numerous skills, as well as your fearless attitude towards fighting for justice. You were certainly sent to help from somewhere special.
I look forward to the next few decades of our friendship, laughter and success together.
FOREWORD – A National Scandal
Much has been said and written during the past year regarding who is to blame and exactly what caused this complex economic meltdown and loss of confidence in our trading and capital systems.
The public needs an understandable explanation of the truth, as well as, the confidence that those in charge will correct the past mistakes.
Following is a straightforward presentation of past and recent events that any individual can follow, understand and derive a logical conclusion from.
The past SEC administration was incompetent or conflicted. They permitted and covered up the gross abuse of established securities trading rules.
One small American company identified the problem of “naked short selling” and even went to Court to prove it existed. They won substantial jury-decided lawsuits against several investment brokerages. They then were compelled to sue the SEC administration for its failure to protect the company and its shareholders from these activities.
What was their reward for being the Whistleblowers who took on the SEC in an attempt to prevent the continuation of these violations and possibly prevent the economic meltdown of late?
Read the following pages and meet real Americans who experienced, first hand, what happens when you have the righteous indignation, the courage and the true cause to “take on City Hall” (in this case – The SEC). What you will find are the root sources and causes of this seemingly complex “naked short selling” calamity. It has taken its toll on these valiant individuals, their thriving business, and will ultimately affect the confidence that this great Nation and its Patriots have relied upon as a result of the actions of heroic whistleblowers.
The story will anger you.
It's time that those regulators who were entrusted with our financial safety in the markets and, therefore our financial futures, are exposed as the true cause of the confusion, distrust, illegalities, fraud, and outright thefts that have been perpetrated upon the American public.
When the public sees that the SEC is neither a formal nor a transparent agency of our government, their reaction will be predictable. They will demand to open the SEC’s books. Then, the cause of the current economic problem and its solution will be in the hands of the public.
Naked shorting is a significant cause of the present financial crisis, which the SEC failed