*****NEWS*****
3/26/00 - Dartnut Fraud Reports Announces Fraud Opinion on Pluvia Securities Research
PHILADELPHIA, Mar 26, 2000 (DART WIRE) -- Dartnut Fraud Reports Announces Fraud Opinion on Pluvia Securities Research. (aka Steven Keyser, Anthony Eglindy, Amr Ibrahim Elgindy Anthony@Pacific, Anthony@Equity Investigations, Tony@Ocean, Pluvia 1-8,000, Pacific Equity Investigations, Key West Securities, Etc). We are issuing a STRONG MANIPULATION WARNING and Pump and Dump scheme in regards to eConnect (OTC BB: ECNC).
Dartnut Fraud Reports, Inc. (DFR) is an independent research corporation dedicated to tracking the worst fraud and stock manipulators in the market. Most specifically stocks manipulated by Pluvia Securities Research and any of the above mentioned aliases.
Pluvia Securities and company have long history of stock manipulation and criminal records. Thousands possibly millions of inocent investors have lost large sums of investment dollars due to their activities.
The following quotes are examples of what we are dealing with and are of public record available on the Internet:
This is from NASD:
Disciplinary Actions
Disciplinary Actions Reported For November
"NASD Regulation, Inc. (NASD RegulationSM) has taken disciplinary actions against the following firms and individuals for violations of National Association of Securities Dealers, Inc. (NASD©) rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Unless
otherwise indicated, suspensions will begin with the opening of business on Monday, November 17, 1997. The information relating to matters contained in this Notice is current as of the end of October 24.
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."
Here's a possibly failed Pump and Dump from Raging Bull:
Afternoon Call for Monday, April 20, 1998
Heard in the Valley
"Also of interest may be the recent happenings at Key West Securities. On Thursday April 16th, Market Maker and Chief Analyst Anthony Elgindy boldly stated:
"Although KTEL has announced plans to offer their products via the Internet, this hardly supports an increase of 300% in market capitalization. When the hysteria dies down and the volume dries up, the stock should settle to a more appropriate range between $5 and $7. This could happen very quickly based on earnings and book value."
Whoops?A little retraction on Friday the 17th, when Elgindy humbly announced:
"We have decided that we should reverse our position based
entirely on the market's evaluations of KTEL's competitors on KTEL shares and we believe that, although this sector is overbought,KTEL shares represent the best value of all the competitors. We believe that KTEL shares could actually trade in the $30 to $50 range and still remain a good value for long-term holders. We now rate KTEL as a 'buy' on market dips."
Let us get that straight. Although the market is already overbought we should buy K-Tel because it is the least overbought of it competitors. Its market cap of $158 million is smaller that N2K's $460 million and CD-Now's cap of $522 million, but does this warrant a jump of 175% in five days? We thought fundamentals, not speculation, were supposed to be the driving force for long-term investment decisions. Someone is making money out there?Anthony Elgindy?"
Motley fool
Friday, June 5, 1998
K-tel International
(Nasdaq: KTEL)
Phone: 612-559-6888
Website: k-tel.com
Price (6/4/98): $13 3/16
HOW DID IT FIND TROUBLE?
"Once the stock got moving it was an accident waiting to happen. As the shares rose, a few small analysts like Key West Securities' Anthony Elgindy and Stock Investor Trading News' Louis Riley climbed aboard to sing the praises of K-tel. The meager float made it an easy tout. Riley correctly pointed out the short squeeze, with dumbfounded short-sellers having to cover their positions only to drive the price higher in the process, but it was a bit of a self-fulfilling prophecy. By talking up the prospects, just as Elgindy had an amazing overnight change of heart on the company (going from a pre-split $5-7 a share price target to $30-50), he was helping create a long-favored scenario where demand would outweigh the limited supply."
Forbes
One day soon the music's going to stop
By Gretchen Morgenson
FRIDAY, June 28 [1996]
"Or a marketmaker can push a stock up on little or no volume at all. One trader's story involves a Nasdaq-traded health maintenance organization called WellCare Management Group. On May 23 the trader had an order to buy 10,000 shares of WellCare, a sizable order in a stock that trades roughly 45,000 shares a day. For individuals who were looking to buy WellCare, the stock carried a dollar spread, but the inside market in the stock--that is, the price at which dealers can buy and sell--was 12 5/8 bid, 12 7/8 asked.
One of WellCare's marketmakers was Key West Securities, a year-old firm out of Fort Worth, Tex. The trader looking to buy did 3,000 shares electronically at 12 3/4. To get the other 7,000 done, she called Key West and said that she had stock to buy. It was around noon.
The Key West trader put her on hold and proceeded to take his offer price from 12 7/8 to 13, then 13 3/8, then 13 1/2. She watched him do this on her screen-it took less than 30 seconds--but the dealer never returned to the phone. "I called him again and threatened to file a complaint with Nasdaq, and he clicked the phone in my ear," she recalls. "My client ended up paying $13.47 on average for the trade." A Key West principal, Amr Elgindy, said "I have no idea what you're talking about.' He was unable to say if he had made a market in WellCare that day. The stock closed the day at 12 1/4 bid, 12 3/4 asked."
Pluvia does it again:
Bounty offered for stock tipster
By Courtney Macavinta
Staff Writer, CNET News.com
September 5, 1997, 11:15 a.m. PT
"Someone who goes by "Steve Pluvia" likes to lurk in and out of online investor bulletin boards, swapping his stock research and analyses with other market speculators. That practice is not unusual, as Pluvia is only one of many Netizens who use pseudonyms on the Net. But a series of critical comments he made last month sparked a company to offer a $5,000 reward for the revelation of his true identity. Although Pluvia has since revealed himself, the case has raised important issues ranging from securities regulations to the First Amendment.
On August 20, Westergaard Online charged that Pluvia had been spreading "disinformation designed to
drive down the price of Premier Laser Systems' (PLSIA) common shares." Westergaard put up the bounty
as part of a paid service it offers to Premier, a developer of medical and dental laser equipment.
Pluvia vs. Westergaard has turned into a tangled dispute that unfolded almost entirely in cyberspace,
where those who frequent investor chat rooms acted as both spectators and referees. The conflict raises concerns about the reliability of financial information on the Net, a medium that makes it easy for investors and publishers to hide their identities, affiliations, and motives. The altercation also brings up the issue of libel, as both parties claim they were damaged by each other's online comments."
Here's quote from CBSMarketWatch:
SEC enforcer: beware the chat rooms
By Richard H. Walker, SEC
Sep 10, 1999
"WASHINGTON (CBS.MW) -- The Internet has opened up new worlds for investors. But there are many risks. Cyberspace has attracted scam artists ready to deceive and steal. And the Internet offers no
mechanism for sorting the good information from the bad.
Complaints received by the U.S. Securities and Exchange Commission involving online trading have
risen dramatically over the past three years.
To better detect and prosecute cyber-swindlers, the SEC created a special office of Internet enforcement within its enforcement division. The office oversees the commission's "CyberForce" - a trained corps of 240 staff members who regularly survey the Internet for fraud.
Pump and dump
In the "pump and dump," fraud artists buy cheap stock and then disseminate false information through message boards, chat rooms or spam to drive up the stock's price. Once the price has risen, they sell to unsuspecting investors at the artificially-inflated price."
Here is a quote from Buffaloha57
Buffaloha57 - Post #61643 on RagingBull
"While short-selling is a common and sometimes profitable stock market activity, A@P plays the game under a unique set of rules; he apparently goes for the knockout using a carefully orchestrated campaign of damaging information and personal attacks. More disturbing, however, is the fact that he also seems to maintain important contacts within the federal government, and may have used these contacts for his personal advantage and consistent with his short position in ECNC.
In his Silicon Investor profile Anthony@Pacific acknowledges his proclivity for 'short selling' and also purports to have aided agencies of the Federal government.
Member 4899810 A@P SI Profile
Investment Style: NASDAQ Short Seller
Interests & Hobbies: All Things related to the Number zero
Additional Info: Aided FBI, IRS, DOJ, SEC, RCMP, NASD, Postal
Inspectors, Dallas PD, CPD, been in , Forbes , Bus Week,
Money, Investors Daily ,on ABC"s 20/20, Justice Files..etc..etc.."
The list goes on and on, for the sake of space we will stop here.
There seems to be one consistent theme throughout the information gathered about Pluvia and company, INOCENT PEOPLE LOSE MONEY. If you see any of these individuals around any stock you are involved in protect yourself.
All is not lost though, investor's are banning together to fight this type of manipulation. Visit the RagingBull ECNC Message Board for information.
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Copyright (C) 2000 Dart Wire. All rights reserved.
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy) |
