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Microcap & Penny Stocks : NPCT (old SUNY)
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To: jmhollen who wrote (834)6/28/2002 3:19:20 PM
From: jmhollen  Read Replies (2) of 1275
 
News that may possibly become NPCT-related at a later date:

DJ Short-Seller Elgindy -2: Judge Looking For Assurances
By Carol Redmond
Of Dow Jones Newswires

NEW YORK (Dow Jones)--A federal judge remanded short-seller Anthony Elgindy to
jail Thursday pending further assurances that Elgindy would not flee.
''I think there is a risk of flight,'' Judge Raymond Dearie of U.S. Court for the
Eastern District of New York said. ''I am uncomfortable and I need a measure of
comfort.''

Among assurances requested by the judge before he considers releasing Elgindy
are: the filing of financial statements for the suspect and his wife; an account
of properties seized by the government; and assurances that about $650,000 held
in cash and property by Elgindy in Lebanon could be secured and returned to the
U.S.

Elgindy pleaded not guilty to securites fraud and racketerring last week. The
government alleges that Elgindy and four other defendants, including two Federal
Bureau of Investigation agents, used confidential information to pressure shares
they were shorting and, in some cases, extort free or cheap stock from companies.
All other defendants in the case are out on bail.

Elgindy, who was previously represented by former prosecutor Sean O'Shea, has
hired New York defense attorney Gerald Lefcourt. (END)

Dow Jones Newswires
Thursday, 27 June 2002
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