A@P; Amr "Anthony" Elgindy Discussion; Anthony@Pacific
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» Kirk - Info Elgindy accused of buying is easily available
.I am quoted in this article near the end.
Kirk
http://www.signonsandiego.com/news/union...
Info Elgindy accused of buying is easily available
By Dean Calbreath
STAFF WRITER
June 16, 2002
Bribery. Extortion. Insider trading. And, worst of all, possible collusion in the Sept. 11 terrorist attacks.
For several weeks, those allegations have been hanging over Amr "Anthony" Elgindy, a once-high-flying San Diego stock speculator who now faces federal charges that he bribed FBI agents for confidential information.
This week, Elgindy is scheduled to be flown from his holding cell in the federal prison in downtown San Diego to a similar cell in Brooklyn, where he will await trial.
But as federal prosecutors prepare to arraign Elgindy, a closer look at the indictment reveals that the government may have some hurdles as it brings its case to trial.
The Justice Department accused Elgindy of conspiring to bribe FBI agents to obtain "confidential, non-public" criminal records – information that he allegedly used to predict which stocks would fall and to persuade companies to pay for his silence.
But much of the information Elgindy allegedly obtained was not confidential. Instead, it was available free on the Internet or for minimal charges from state police departments. If it was indeed public information, that would damage the government's charges that Elgindy was trading on insider information.
The government's case rests on the suspicious timing of Elgindy's attacks on several companies, which occurred shortly after two FBI agents accessed the agency's criminal files involving those companies.
In addition, in arguing against bail for Elgindy, a government prosecutor alleged that he might have had knowledge of the Sept. 11 terrorist attacks. But Elgindy's e-mails that week reveal that he was surprised by the attack and that he spent the first few days telling speculators not to short the market – that is, not to sell stock on a bet the market would go down.
Kenneth Breen, the Brooklyn federal prosecutor in charge of Elgindy's case, declined to return phone calls regarding the case. Elgindy also declined to be interviewed, although he did send a brief letter to The San Diego Union-Tribune outlining his feelings about the case.
Before his arrest, Amr Elgindy was a successful stock speculator, with a $2.2 million home and collection of expensive cars. He made his money through short-selling, meaning that he borrowed stock, immediately sold it and then waited for the price to go down so he could replace it at a cheaper price.
In essence, short-sellers are betting that the stock price will go down. And some, including Elgindy, work to make the stocks go down by disseminating negative information about companies to other speculators.
Elgindy used his Web site and Internet chat rooms to spread the negative information. Often, Elgindy passed tips on corporate fraud to the FBI or the Securities and Exchange Commission. When they launched investigations, he made money by short-selling the stock.
Some who know him say he got legitimate pleasure from spurring legal investigations.
"I know Tony felt like he was on the government's side," says Mary Cummins, an investor who followed his comments on the Web. "He took great pleasure when they finally won a court verdict against the suspect company. It's just amazing that they are now claiming that he used the FBI."
According to the federal indictment, Derrick Cleveland, a subscriber to Elgindy's on-line stock comments, paid $30,425 to Jeffrey Royer, an agent in the Albuquerque office of the FBI, between November 2000 and May 2001.
In return, Royer allegedly passed confidential criminal records of certain corporate executives to Cleveland, who in turn passed the information on to Elgindy. Elgindy, in turn, would then start shorting the stock and spread the word of the criminal records over the Internet to drive the price down.
In his letter to The Union-Tribune, Elgindy strongly denied the accusations. "I have never given Royer a dime for info!" Elgindy wrote.
The government charges that Elgindy used information from Royer at least four times before short-selling a stock.
On Jan. 2, for instance, Royer scanned the FBI's nationwide criminal database for the name of Richard McBride, founder of Florida's SeaView Video Technology. The next day, Elgindy's Web site blasted SeaView, noting that McBride was serving six years of probation for fraud.
At the time that he published his attack, Elgindy – who had been shorting the stock for weeks – said he got the information on McBride on the Web, rather than from any confidential law enforcement source.
In fact, the information about McBride was available on the Florida Department of Corrections' Web site, which lists all felons on probation, for no charge to the public. Elgindy copied the department's listing and posted it on his Web site.
Bradd Milove, a San Diego attorney who once sued Elgindy for mishandling a client's funds, said the public availability of that information should aid Elgindy, whether or not he was tipped by the FBI.
"How can you charge that somebody was using insider information if it is publicly available?" Milove asked.
Similarly, in December, Elgindy announced he had discovered that Paul Maurice Brown, founder of Idaho's Nuclear Solutions, was a "convicted felon." The announcement came an hour after Royer did a search in the FBI database for Brown's name.
Although the timing of Elgindy's announcement is suspicious, news of Brown's arrest record was easily obtainable. In 1991, Brown himself wrote an open letter to business associates, which has since been posted to the Web, noting that he had twice been arrested for "drug making."
Brown was arrested for possessing chemicals that could be used to make methamphetamine. But he was never convicted. The charges were dropped after Brown showed that the chemicals were being used in experiments to find a new way of disposing of nuclear waste – Nuclear Solutions' core business.
Idaho State Police say the records of Brown's arrests and releases could be obtained by sending in $10 and a form available over the Internet. So why would Elgindy or Cleveland have paid $30,425 for such information? In his letter to The Union-Tribune, Elgindy suggested the money was not a bribe but instead a loan. Cleveland and Royer were childhood friends, he says, adding that "Royer, as I understand, is financially destitute, with $150,000 in debts."
Even if there was a less innocent reason for the payments, Elgindy maintains his own hands were clean. Cleveland, he notes, was merely one of his Web site subscribers and was never on his payroll.
Those familiar with Elgindy's Web site say it would not have been uncommon for subscribers such as Cleveland to pass on a tip about shorting a stock, without necessarily revealing where they got the tip from.
Kirk Lindstrom, who hosts an Internet chat room where Elgindy has engaged in short-selling promotions, suggests the government "might be looking for a public figure to draw the attention. It's not as exciting for the FBI if it turns out a subscriber bought the news and just passed it on to Elgindy."
In addition to the bribery charges, federal prosecutor Ken Breen noted that Elgindy had tried to liquidate his children's $300,000 trust account on Sept. 10. Breen said that might "perhaps" mean he had "pre-knowledge of the Sept. 11 attacks, and, rather than report it, he was attempting to profit from that information."
But the stock sales were not finalized until the market reopened Sept. 18, at which time Elgindy – like most investors who sold that day – would have brought in much less money.
Elgindy's activities on the week of Sept. 11 reveal that he spent the first three days after the attack urging speculators not to short the market – an unusual position for a person who typically tried to whip investors into short-selling frenzies.
"Many helpless and confused members of the public will undoubtedly be subject to knee-jerk reactions to liquidate positions," he wrote.
"Those who have the wherewithal will be tempted to exploit our fellow Americans, who may need to sell, or who may simply be scared. We make a request that You refrain from such activity. To profit from this tragic event would only reward Terror, and Terror cannot be rewarded. This was an act not about Religion or Politics but about Cowardice."
--------------------------------------------------------------------------------
Dean Calbreath: (619) 293-1891; dean.calbreath@uniontrib.com
Copyright 2002 Union-Tribune Publishing Co.
-- posted by Kirk
» Kirk - July Update
.http://www.siliconinvestor.com/stocktalk..."don%20hays"
Report: FBI agents invested with inside trader from San Diego
By Tom Hays
ASSOCIATED PRESS
July 18, 2002
NEW YORK – A former FBI agent charged in an insider trading case gave stock tips to at least two other agents in 2000 while he was still working for the agency, according to a potential witness.
The agents were named in court papers unsealed Thursday in Brooklyn during a hearing for Jeffrey Royer, a former agent charged in May with conspiring with Internet stock analyst Amr "Tony" Elgindy of San Diego and another FBI agent to commit fraud.
U.S. District Judge Raymond Dearie jailed Royer after learning he may have violated his bail by contacting a former girlfriend, Christy Sarkey. He had been free on $500,000 bond.
In a recent letter to the judge, prosecutors accused Royer of calling and writing to Sarkey within days of his June release, despite Dearie's orders to stay away from potential witnesses.
The letter argued Sarkey, who is a police officer in Oklahoma, was a potential witness because the defendant – while investigating stock fraud for the FBI in 2000 – used inside information to give her a stock tip.
In an interview with the FBI, Sarkey said that she lost $4,000 on the deal and that "she knows that other agents and perhaps some support staff personnel invested with Royer," according to a report unsealed on Thursday. Sarkey named two agents, Charles Ruiz in New York City and Todd Temple in San Diego, as investors.
Neither the report nor any other court document accuses Ruiz or Temple of wrongdoing.
Ruiz said Thursday that he was aware his name had surfaced in the case, but he declined further comment. A call to Temple was not immediately returned.
Assistant U.S. Attorney Kenneth Breen refused to comment on whether other FBI agents or other employees are under investigation.
An FBI spokesman in San Diego, John Iannarelli, referred a call to the New York City office, where spokesman Jim Margolin declined comment.
Royer, 39, already was jailed once for violating his bail by contacting a police officer and an FBI agent to discuss the case.
At a hearing Thursday in Brooklyn federal court, Royer's attorney, Lawrence Gerzog, argued that Royer's contact with the ex-girlfriend was "very personal" and "had nothing to do with the case whatsoever."
Royer, in his letter to Sarkey, said he "cried like a baby for two days" after his arrest.
"I am more scared than any time in my life," he wrote. "I know what the government can do to me and the picture they can paint. I feel vulnerable and weak."
Gerzog said his client "did not know that that woman was a potential witness."
The judge set a hearing for further arguments for Monday. He ordered Royer held without bail until then.
Royer has pleaded innocent to charges he helped Elgindy in a scheme to manipulate the market by using confidential data gleaned from government files. Elgindy, who also pleaded innocent, has been held without bail.
On Wednesday, an Elgindy associate, Derrick Cleveland, pleaded guilty to racketeering conspiracy as part of a deal with prosecutors to testify for the government.
Court papers accused Cleveland, 36, of wiring Royer $30,000 for inside information. In his plea in Brooklyn, he admitted using the information "to realize financial gain."
Cleveland's attorney, Robert Manchester, refused to discuss the plea deal. But he made a point of telling reporters his client had a graduate degree in business from the University of Oklahoma, "home of the Sooners."
© Copyright 2002 Union-Tribune Publishing Co.
http://www.signonsandiego.com/news/natio...
=====
July 19, 2002
FBI Agents Named in Elgindy Associate Case
From Associated Press
NEW YORK -- A former FBI agent charged in an insider-trading case gave stock tips to at least two other agents in 2000 while he was still working for the agency, according to a potential witness.
The agents were named in court papers unsealed Thursday in Brooklyn during a hearing for Jeffrey Royer, a former agent charged in May with conspiring with Internet stock analyst Amr "Tony" Elgindy of San Diego and another FBI agent to commit fraud.
U.S. District Judge Raymond Dearie jailed Royer after learning he may have violated his bail by contacting a former girlfriend, Christy Sarkey. He had been free on $500,000 bond. In a recent letter to the judge, prosecutors accused Royer of calling and writing to Sarkey within days of his June release, despite Dearie's orders to stay away from potential witnesses.
The letter argued that Sarkey, who is a police officer in Oklahoma, was a potential witness because Royer, while investigating stock fraud for the FBI in 2000, used inside information to give her a stock tip.
In an interview with the FBI, Sarkey said that she lost $4,000 on the deal and that "she knows that other agents and perhaps some support staff personnel invested with Royer," according to a report unsealed Thursday. Sarkey named two agents, Charles Ruiz in New York and Todd Temple in San Diego, as investors.
Neither the report nor any other court document accuses Ruiz or Temple of wrongdoing.
Ruiz said Thursday that he was aware his name had surfaced in the case, but he declined further comment. A call to Temple wasn't returned.
On Wednesday, an Elgindy associate, Derrick Cleveland, pleaded guilty to racketeering conspiracy as part of a deal with prosecutors to testify for the government.
Copyright 2002 Los Angeles Times
-- posted by Kirk
» Kirk - bail hearing is 8/22
.http://www.siliconinvestor.com/stocktalk...
To:telebob who wrote (79694)
From: mmmary Monday, Aug 19, 2002 6:01 PM
View Replies (1) | Respond to of 79699
Tony's bail hearing is 8/22
I hope they let him out.
-- posted by Kirk
» Kirk - Elgindy Released Tuesday On $2.5M Bond
.http://www.datekdj.newsalert.com/bin/djs...
+DJ Elgindy To Be Released Tuesday On $2.5M Bond
09/10/2002
Dow Jones News Services
(Copyright © 2002 Dow Jones & Company, Inc.)
(MORE) DOW JONES NEWS 09-10-02
11:28 AM
=DJ Elgindy -2: Released After More Than 3 Months In Jail
By Carol S. Remond
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--After spending more than three months in jail, trader Anthony Elgindy will be released from jail later Tuesday on $2.5 million bond.
Federal judge Raymond Dearie ordered Elgindy released so that he could meet with his counsel before traveling back to his home in San Diego, Calif., likely on Thursday.
Elgindy was arrested last May with four others accused of securities fraud and racketeering. The government indictment accuses Elgindy, two other traders and two former FBI agents of using confidential government information to manipulate the shares of companies they targeted for short selling and on some occasion, using that negative information to extort free or cheap shares from those companies.
While in New York, Elgindy's movements are restricted to travel to his attorney's office and the Carlton Hotel, where he and his wife will be staying.
(MORE) DOW JONES NEWS 09-10-02
11:56 AM
=DJ Elgindy -3: Will Be Under House Arrest In San Diego
Elgindy's bond was signed by seven family members and is secured by five properties.
Back in San Diego, Elgindy will be held under house arrest and will have to wear an electronic bracelet, which combined with a cell phone, will allow the government to monitor his movements using global positioning satellite technology.
Elgindy's co-defendants in the case are: FBI agents Jeff Royer and Lynn Wingate, and traders Derrick Cleveland and Troy Peters. All the defendants are now free on bail.
Cleveland pleaded guilty to racketeering in July and is since cooperating with the government. The other defendants have pleaded not guilty.
-By Carol S. Remond, Dow Jones Newswires; 201-938-2074
(END) DOW JONES NEWS 09-10-02 12:18 PM
-- posted by Kirk
» Kirk - Elgindy out of jail
.Interesting new bit of information that the FBI actually thanked Anthony for helping them and yet some other part of the government went after his for potential 9/11 involvement. I think the evidence that some are out to get Elgindy grows with every bit of news that leaks such as this.
We shall see... but he did make many enemies.
Stock trader Elgindy out of jail, will be under house arrest
By Dean Calbreath
STAFF WRITER
http://www.signonsandiego.com/news/union...
September 11, 2002
San Diego stock trader Anthony Elgindy was released from a New York jail yesterday after spending more than three months in pretrial custody.
Elgindy, who was charged in May with securities fraud and racketeering, posted a $2.5 million bond for his release, secured by five properties.
Even though he is out of jail, Elgindy will not be totally free.
Under the terms of his release, he will be allowed to return to his home in San Diego tomorrow. But he will be under house arrest, wearing an electronic bracelet that will allow the government to track his movements using global positioning satellites. He will be returned to New York for trial.
Elgindy's treatment contrasts with that of the other defendants in the trial: stock traders Derrick Cleveland and Troy Peters and former FBI agents Jeff Royer and Lynn Wingate.
The others were released on bail shortly after their arrest, after posting bonds of $100,000 to $500,000. They were not subjected to house arrest. Cleveland, who pleaded guilty in July, is now cooperating with authorities, but the others maintain their innocence.
San Diego attorney Jeanne Knight – who represented Elgindy at the time of his arrest – accused the government of "racial profiling" against Elgindy, who was born in Egypt but has been living in the United States since the age of 3.
The government initially suggested Elgindy had advance knowledge of the Sept. 11 terrorist attacks, since he tried to sell a chunk of stock on Sept. 10.
Prosecutors quickly dropped that claim. In fact, Internet records show Elgindy spent Sept. 11 tracking suspicious stock trades and passing the information on to the local office of the Federal Bureau of Investigation, which thanked him for his help.
Nevertheless, prosecutors continued to argue against bail for Elgindy, saying he constituted a flight risk. They said he had secretly purchased a home near Beirut and was shifting his assets to Lebanon.
But Elgindy's attorney, Gerald Lefcourt, argued there was nothing secretive about the Lebanon purchase – a vacation home that Elgindy boasted about on the Internet. Elgindy began buying the home before a grand jury investigated the securities charges, he said.
Lefcourt contrasted Elgindy's treatment to that of a reputed head of the Lucchese crime family in New York, who was released on bail just hours after his arrest.
Federal Judge Raymond Dearie ordered Elgindy released but sharply limited his movement. While in New York, he is limited to traveling to his attorney's office and the Carlton Hotel, where he is staying with his wife, Mary Faith Elgindy.
Elgindy was a high-flying stock trader before his arrest. He made his reputation by dispersing negative information about companies on his investment Web site. He and his Internet followers then engaged in "short-selling" the companies.
Short-sellers borrow stock and sell it, with the expectation that the price will fall. They buy back the stock at a cheaper price, if the price falls, to return it to the lender.
According to the government, Cleveland, a subscriber to Elgindy's Web site, obtained criminal records of corporate executives through his longtime friend, FBI agent Royer, and Royer's fellow agent and girlfriend, Wingate.
Elgindy then used the information against the companies and made money as their stock prices went down. Cleveland was accused of paying Royer $10,000 for the information.
Since his arrest, Elgindy's fans have challenged the government's account, noting that the information that he posted was freely available on the Web.
--------------------------------------------------------------------------------
Dean Calbreath: (619) 293-1891; dean.calbreath@uniontrib.com
-- posted by Kirk
» joe_fabitz - Re: Elgindy out of jail
In response to message posted by Kirk:yeah, I remember reading this guys posts in SI a few yrs back. Seemed like he was always scheming on something. Deserves everything coming to him IMO.
-- posted by joe_fabitz
» Whirlwind - Re: Re: Elgindy out of jail...
In response to message posted by joe_fabitz:Too bad they can't deport such crooks back to Egypt. His alleged "help" could be a coverup or misdirection. The guy has no scruples. If he can take $50,000 pretending to be handicapped there's more of con than conviction in him as Scrooge might say. You know what--if I secured 50K through mail fraud, I bet the gov would give me jail time--why did they ever let this bozo off?
-- posted by Whirlwind
» CattleBarron - First AP Post
In response to message posted by Jen_:"Here we go, This wil be an alternative for those who want to continue our mission and expose those who take advantage of the public!"
Surely he meant "continue our mission and expose those who take advantage of the public for sums in excess of 50 thousand dollars."
-- posted by CattleBarron
» Kirk - A@P 15 Commandments of Trading
.http://www.siliconinvestor.com/stocktalk...
To:Anthony@Pacific who wrote (7933)
From: Anthony@Pacific Friday, Mar 24, 2000 11:09 PM
View Replies (1) | Respond to of 18183
A@P 15 Commandments of Trading:( Had To add to protect the incredibly naiive from suckering others in )
1.) All News is Bad
2.) All earnings are bad
3.) All IPO's suck, the secondary mkt is geared to kill the public )
4.) NEVER EVER BUY On an analyst UPGRADE from major firm,, including short calls BY WELL KNOWN SHORTS, ie Asencio < ( LEHMAN and Painewebber are two of the worst Firms as are GSCO and Bear Stearns )
5.) Never Buy a secondary
6.)When supply meets demand get out ( known as volume spin )
7.) Allocation Must be adhered to,..No more than 10% of a portfolio in any one position and ..Enyty points must be spaced , each short entry should increase your avaerage by 10-15% otherewise it isnt helping you
8.) HIt and Miss Rule applies to the smallest accounts ( zero risk acceptable)
9.)Never ever believe a shareholder or the Companies IR dept or any Officer. They are buyers and liars
10.)News for small Companies linking them with bigger companies is almost always a negative hidden as a positive
11.)Never allow yourself to buy after BIG news HITS, short into strength and buy on weakness( when it feels most unnatural )
12.)Never Buy into Huge percentage News( ie revenues up 2000% inernet hits up by 700%, webviews up by 26,000 %and BS like that )
13.) After hours trading has been labeled by ME as the "Casino", and all trades done after hours are 100% meaningless on the following days open
14.)Companies that Practice putting out news at the close, shortly before or after are almost always scamming the public. It is a sign of a fraudulent attempt to fool investors, without oustside critical analysis
15.) When a stock gets halted, it is forever damaged and worthless as an investment
-- posted by Kirk
» Kirk - Rule #6 Details
.To:Anthony@Pacific who wrote (85844)
From: Anthony@Pacific Wednesday, Sep 24, 2003 7:25 PM
View Replies (1) | Respond to of 85852
6.)When supply meets demand get out ( known as volume spin )
As a stock rises higher and higher it will move very quickly as the buying is heaviest with the time interval between upticks is very short , however as a stocks rise slows down and volume doesnt subside, meaning that while there is still huge volume and relatively little price appreciation a stock will plateau or " spin" kind of like looking at a gasoline pump the numbers whir by but ths price really doesnt move much ..when that occurs...it tells me that buying is beingmet by selling and in the at very least short erm the stock is destined to fall regardless of news, sentiment and or hype..Its over or will be very soon..and teh stock will give back 40-60% of its gains in the immediate term and the rest over time as the new owners realize their arent any new " suckers" if you will..
Cheers
T
-- posted by Kirk
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