07/01/2008 336 STATUS REPORT. # 5 Exhibit E
Third Report Of The Receiver Of Universal Express, Inc. [Corrected]
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Doc 336-5
Extract
Jane Moscowitz - Universal Express-Naked Short Selling Page 11
From: Jane Moscowitz
To: oig@sec.gov
Date: 4/9/2008 3:18:30 PM
Subject: Universal Express-Naked Short Selling
I am the court-appointed Receiver of Universal Express, Inc., a company which was sued by the SEC for selling millions and later billions of shares of unregistered stock. When I took over the company, it did not have sufficient funds to pay its rent or payroll. The revenues of the company were about $1.2MM last year, but the expenses were at least $7.5 million, mostly very expensive advertising at sports events and stadiums. I shut the business down because I could not afford to run it. As a result, I have had hundreds of very ugly e-mails, even containing threats,as many shareholders believe that the company had great value but had been attacked by naked short sellers. As part of my duties, I tried to determine whether in fact there was any naked shortselling but my resources are too limited. If the IG wants to see if naked short selling is going on or is just a cry from scammers trying to fool their shareholders, I offer Universal Express as a company to be looked at, as I would very much like to be able to inform even those who threaten what the truth is, whatever it is.
Jane Moscowitz jmoscowitz@mmmpa.com
Moscowitz & Moscowitz, P.A. Mellon Financial Center
1111 Brickell Avenue, Suite 2050 Miami, FL 33131
Telephone: (305) 379 8300 Facsimile: (305) 379 4404
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From: "OIG" <OIG©SEC.GOV>
To: "Jane Moscowitz" <jmoscowitz©mmmpa.com>
Date: 4/9/2008 6:04:56 PM
Subject: RE: Universal Express-Naked Short Selling
Dear Ms. Moscowitz,
Thank you for your email to the Office of Inspector General (OIG). We appreciate your providing us with this information.
The OIG has received numerous complaints requesting that we investigate the issue of naked short selling and various matters relating to the Universal Express (USXP) case. In response to certain of those emails, we have explained that the OIG's primary functions are to perform audits of SEC operations, programs, activates, functions and organizations, and to conduct investigations of alleged staff (and contractor) misconduct.
Given the OIG's jurisdictional predicate, we have under taken the following measures regarding naked short selling and USXP. First, we have an ongoing inquiry into allegations that officials of the SEC's Denver Regional Office committed perjury in correspondence to Senator Bill Nelson. Second, the Office's audit unit is reviewing the issue of naked short selling to identify possible audit work in this area. We will forward your email to the audit unit for its consideration.
Sincerely,
Mary Beth Sullivan
Counsel to the Inspector General
On behalf of the Office of Inspector General of the U.S. Securities and Exchange Commission
Original Message
From: Jane Moscowitz [mailto:jmoscowitz©mmmpa.com] Sent: Wednesday, April 09, 2008 3:19 PM
To: OIG
Subject: Universal Express-Naked Short Selling
I am the court-appointed Receiver of Universal Express, Inc., a company...
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