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Universal Express, Inc. (OTC: USXP), a poster child of the naked short selling conspiracy theorists, is the gift that just keeps on giving for those of us who like to write about Wall Street's seedy underbelly.

Now in court facing SEC charges that he looted the company, former CEO Richard Altomare has been asked to return corporate money he used to buy $558,900 in jewelry, $30,000 in gambling markers, along with a $200,000 bonus.

Altomare decided to pull a Dick Grasso, claiming that the company's board had approved all the payments/bonuses.

But there's just one problem: Mr. Altomare was the only member of the company's board, so the argument is a little bit circular.

According to the South Florida Business Journal, Judge Gerard Lynch told Altomare that if he doesn't cooperate he should "bring his toothbrush" next time. Oh snap!

For more on this bizarre case, visit Gary Weiss' blog.

Former Universal Express CEO Richard Altomare defends his compensation originally appeared on BloggingStocks on Tue, 29 Jan 2008 17:14:00 EST. Please see our terms for use of feeds.

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