Regulators May Be Worried If Elgindy Goes to Prison, Says Legal Expert
Jan 26, 2005 (financialwire.net via COMTEX) -- January 26, 2005 (FinancialWire) Many regulators are not relishing the prospect of notorious short-seller Anthony Elgindy, who was found guilty Monday of racketeering and securities fraud, going to jail for a long sentence, according to C. Austin "Bud" Burrell, a legal expert, because Elgindy will likely "roll on" numerous public officials.
Burrell made the startling comments as part of an interview on StreetSignals ( streetsignals.com ). He is an expert for the O'Quinn and Christian law firms, which are bringing some 15 actions against investment banks and the Depository Trust and Clearing Corp. on behalf of companies such as Sedona Corp. (SDNA), NanoPierce Technologies (NPCT), Datascension Inc. (DSEN), and Hyperdynamics (HYPD).
Former FBI agent Jeffrey Royer was also found guilty of the same charges. They were charged in a May, 2002 indictment.
The government had claimed that Elgindy used insider information from the FBI to "extort discounted shares from Floor Decor and Nuclear Solutions (NSOL)," the Dow Jones (DJ) News, whose reporter, Carole Remond, covered the trial, stated.
The government also said that Elgindy's private investing website was used to leverage the information he obtained from Royer, to maximize the negative information used to drive down the price of stocks.
The government is asking for maximum bail prior to sentencing, saying the two are risks of flight.
For up-to-the-minute news, features and links click on financialwire.net
FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on investrend.com
Listen to StreetSignals" (Investrend "ON-THE-AIR") "live" Saturdays from 9 p.m. to 10 p.m. on Business TalkRadio Network stations coast-to-coast, or right now on the web at streetsignals.com
The FinancialWire NewsFeed is now available in multiple formats to your site or desktop, free. Click on: investrend.com
financialwire.net
(C) 2005 financialwire.net, Inc. All rights reserved.
© 1997-2004 MarketWatch.com, Inc.
investors.com
=====
Link to interview:
investrend.com |
