According to a report by the Morristown Citizen-Tribune U.S. District Judge Ronnie Greer awarded a $1 million judgment to a software programmer from San Diego earlier this month against Universal General Corporation, a multinational "shell corporation" at one time based out of the old Bank of Commerce building in downtown Morristown.
In 2002, the programmer, Timothy Carlson, invested $250,000 with UGC with the promise of doubling his investment within a month. Carlson signed a promissory note that gave full responsibility for the $250,000 to UGC. Carlson later learned that the note’s identification number – known as a CUSIP number – was invalid.
Carlson never saw any of his original investment returned, according to the suit.
Over the ensuing years Carlson discovered that UGC doesn’t actually do anything, according to his attorney, Erica Greene of Morristown. The company’s Web site makes repeated references to public-work type projects in Africa, but makes no actual specific claims as to what the company’s involvement in the projects would be.
Current corporate secretary R. William Mengel declined comment when contacted about the lawsuit.
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