Oh really the authorities know that you are short selling form off-shore thus naked shorting for 20% on the dollar. Hmmm .. tthat does appear to be the case. WOnder if the small investors can scream loud enough so NO ONE is abouve the law. This is starting to reek with the plot of Stripper where Denny Moore's character's husband is an informer and thus above the law stealing wheel-chairs.
National Bank of Canada - Correction
BCSC-named P.I. clients deny accounts
National Bank of Canada NA
Shares issued 188,728,712 2001-07-10 close $28.7
Tuesday Jul 10 2001 Correction
See B.C. Securities Commission (BCSEC) Correction
by Brent Mudry
Two short-related stock market players, Steven A. Keyser and Amr Ibrahim "Anthony" Elgindy, described by the British Columbia Securities Commission as being clients of Pacific International Securities and securities violators, deny they have had accounts with the scandal-plagued Vancouver brokerage or ever done anything significantly wrong in securities markets. Each is anxious to set his record straight. They also seem to speak from oddly similar scripts.
Both men assert they are actually white knights who bust stock frauds for federal officials. "We're the good guys here," Mr. Keyser told Stockwatch, referring to his group of associates. "I've never been fined, I've never been censured," says Mr. Elgindy of Pacific Equity Investigations, who uses the nickname Anthony.
In a notice of hearing issued Tuesday by the BCSC against P.I. and its executives, the regulator claims Mr. Elgindy was suspended in 1997 for one year by the National Association of Securities Dealers and fined $30,000 (U.S.).
The Canadian regulator claims Mr. Elgindy's registration was revoked in 1998 by the NASD for failure to pay moneys owing in a previously executed settlement agreement.
Mr. Elgindy told Stockwatch he has never been a securities violator in any way. "That is in fact a lie." The former broker confirms he was fined by the NASD for "a trading technicality and so forth," which he describes as "improper usage of an SOES terminal," and he exited the industry in 1998 on a purely voluntary basis. "I have a checkered past, but I've never been a securities violator," says Mr. Elgindy. He did not offer his personal definition of either "securities violator" or "checkered past."
NASD records confirm Mr. Elgindy was suspended for one year from association with any NASD member in a principal capacity and for 30 days from any association with any NASD member in any capacity. Mr. Elgindy consented to the entry of findings that he caused his member firm to execute 108 orders through SOES for the firm's account.
The regulatory findings also stated he cause his firm to enter "non-bona-fide" orders through the SelectNetSM System for the firm's account that were either timed out or cancelled by him before they could be executed.
In addition, the NASD found that Mr. Elgindy caused trades reported to ACT to be cancelled by failing to acknowledge or confirm the trades. The regulator further found that Mr. Elgindy failed to ensure that his firm establish, maintain and enforce supervisory procedures that would have enabled the firm to deter and detect the dubious conduct.
Mr. Elgindy now claims he is nothing but a knight in shining armour. "I work for the SEC ... I investigate frauds and write reports which I turn over to the SEC," says Mr. Elgindy. "I have never had an account at Pacific International with the name Anthony Elgindy," he says, although he declined to reveal his true name.
His real name is Amr Ibrahim Elgindy, also known as Amir Ibrahim Elgindy, at least according to NASD records. Mr. Elgindy did not clarify whether his "work for the SEC" is as a paid operative or as a volunteer of some nature.
Mr. Keyser is equally upset at being named in the BCSC notice and a Stockwatch article. He denies he or his group of shorting associates have every done anything wrong, although the BCSC asserts he was given a permanent injunction and a disgorgement order in November, 1987, in a settlement of a complaint filed by United States Securities and Exchange Commission.
Mr. Keyser, who refuses to identify which city or even state he resides in, due to "a lot of death threats," also denies he has ever been a direct or indirect client of Pacific International. The publicity-shy player declined to confirm whether he controlled or directed any holding company accounts at the brokerage or whether he had any involvement in any other accounts. "I'm not trying to dig up old dirt on myself," he explains.
When asked whether he or his group have ever owned, operated or been associated with any account at P.I., Mr. Keyser declined to elaborate further. "What we do at P.I. or don't do at P.I. is none of your business," he told Stockwatch.
On the regulatory front, Mr. Keyser concedes he once signed a standard SEC settlement, neither confirming nor denying any wrongdoing, but he cannot recall the terms, although he believes he handed over stock that was worth $30,000 (U.S.) to him. "I had a regulatory issue in the mid-1980s," he concedes.
Mr. Keyser is particularly offended by having his name pop up in a BCSC notice targeting Pacific International, as he claims he also is a white knight, not a shadowy securities violator like other purported P.I. clients on the regulator's list. "We're the good guys here."
"We expose fraud -- we do securities research," says Mr. Keyser. "We have been the sole reason for shutting down a number of scams." Although Mr. Keyser declines to use the word "short," he says "we take positions and expose the fraud." "We've never done wrong," says Mr. Keyser.
"We've exposed fantastic frauds," says the good Samaritan, noting he and his group have co-operated with the SEC, the FBI, state attorneys-general and the U.S. Attorney General's office. Mr. Keyser declined to name names, but says "we worked on the Star-Net case."
"I never had an account at Pacific International," says Mr. Keyser.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
P2bAAAT & DSAS |
