Lies.
Below are the only two results for an "Elgindy" search at NASD. As I have said in other posts, Tony's fines related to his use of a SOES terminal to do trades for his own account while sitting with the auditor he himself invited into the firm. Tony had never operated the order entry terminal (he sold stock on the phone), and didn't realize he was entering SOES orders. (It is a violation of the rules for a broker to use SOES to trade his own account.) Because it was unintentional, NASD kept the fines small and took 4 years to reluctantly apply them because they really had no way to NOT apply them: the auditor witnessed the actions.
Here's the text:
nasd.com
Amr I. Elgindy (Registered Principal, Colleyville, Texas) submitted an Offer of
Settlement pursuant to which he was fined $30,000, suspended from association
with any NASD member in any principal capacity for one year, suspended from
association with any NASD member in any capacity for 30 days, and required to
produce a copy of his member firm's implemented written supervisory procedures
specifically with respect to overseeing his activities to deter and detect a
recurrence of the conduct alleged in the complaint. Without admitting or denying
the allegations, Elgindy consented to the described sanctions and to the entry of
findings that he caused his member firm to execute 108 orders through SOES for
the firm's account. The findings also stated that Elgindy caused his member firm
to enter non-bona fide orders through the SelectNetSM System for the firm's
account that were either timed out or canceled by Elgindy before they could be
executed. Furthermore, the NASD found that Elgindy caused trades reported to
ACT to be canceled by failing to acknowledge or confirm such trades. The NASD
also determined that Elgindy failed to ensure that his member firm establish,
maintain, and enforce supervisory procedures that would have enabled the firm to
deter and detect the above conduct.
nasd.com
Individuals Whose Registrations Were Revoked For Failure To Pay Fines, Costs
And/Or Provide Proof Of Restitution In Connection With Violations
Elgindy, Amr I., Colleyville, Texas (September 18, 1998) |
