what's this all about?????
Key West Securities, Inc. (CRD #38305, Cardrift By The Sea, California) and
Amr Ibrahim Elgindy (CRD #1824634, Registered Principal, Colleyville, Texas)
were name as respondents in an NASD complaint alleging that the firm, acting
through Elgindy, engaged in a manipulative, deceptive, and fraudulent scheme
involving the trading of a security by obtaining money, selling the security short
at higher manipulated prices, and then attempting to cover the short position at a
lower price by causing the price of the security to drop through the dissemination
of deceptive sell recommendations about the security. The complaint further
alleges that, in furtherance of the scheme, and in an attempt to profit from the
security's short position, the firm, acting through Elgindy, disseminated, or made
generally available to customers or the public, a report concerning the security in
which the firm initiated coverage of the security with a sell recommendation. The
complaint alleges that the report was deceptive in that the respondents failed to
disclose that the firm was registered as a market maker and held a proprietary
short position in the security. The NASD alleges that by this conduct, the firm,
acting through Elgindy, by the use of means or instrumentalities of interstate
commerce, to wit, the Nasdaq System and news wire services, intentionally and
recklessly effected transactions in, and induced the purchase and sale of a security
by means of manipulative, deceptive, and other fraudulent devices or
contrivances. (NASD Case #CMS000015
nasdr.com |
