Banned.......Replies to the A@P thread. Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Banned.......Replies to the A@P thread.

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: lucky_girl	12/15/2004 3:22:56 PM
	Read Replies (5) of 5425

Evans of Bloomberg answer end of the following news story: "Defense Witness Michaelson Continues Elgindy Testimony 12-14-04 02:59 PM EST NEW YORK (Dow Jones) --Court testimony in the criminal case against online stock guru Anthony Elgindy got off to a slow start Tuesday with defense lawyers calling a sidebar to discuss matters related to the trial. It's unclear just what was discussed with federal Judge Raymond Dearie during a half-hour sidebar without jurors present. But at one point, Barry Berke, one of Elgindy's lawyers, appeared concerned about the impact of news articles on potential witnesses. Elgindy and former Federal Bureau of Investigation Jeffrey Royer are charged in the U.S. district court for the Eastern District of New York with securities fraud, market manipulation and extortion. Prosecutors allege that Elgindy and others received confidential information from Royer and illegally profited from it. Defense lawyers have argued that Royer was trying to gather information from Elgindy and that the short seller gathered some information of his own in the process. The first sidebar early Monday was immediately followed by another one to discuss a question that Peter Michaelson had about the court proceedings.Michaelson, the defense's first witness, was one of the members of Elgindy's private investing Web site. It's not clear what question Michaelson had for Dearie but he spent some times reviewing transcripts of previous sidebars before court resumed a full hour later. This was the second sidebar for Michaelson who already privately spoke with Dearie, defense lawyers and prosecutors Monday about the potential danger for the witness to self incriminate. Michaelson is testifying without legal representation. The government has previously alleged that members of the Web site may have been engaged in the same crimes as Elgindy and Royer are charged with. A number of unidentified site members have been fingered by the prosecution as unindicted co-conspirators, who possibly traded on confidential information. In his second day of testimony, Michaelson said that he didn't think that Elgindy and others on Anthonypacific.com, the Web site set up by Elgindy for other like-minded short sellers, obtained information illegally. Michaelson posted under the name Peter on the site. Michaelson said that his understanding was that Elgindy would on occasion glean information from law enforcement personnel in the process of sharing information with them. The witness said site members had an understanding that information discussed on the site wasn't supposed to be discussed with nonmembers. Prosecutors alleged that Elgindy's desire for secrecy showed that he knew he wasn't supposed to have the information he and others traded on. Michaelson is expected to continue his testimony after the lunch recess. Prior to jurors entering the Brooklyn courtroom Tuesday morning, defense lawyers also argued the merit of their subpoena of Bloomberg News reporter David Evans. Bloomberg has filed a motion to quash the subpoena. Berke told judge Dearie that he wants Evans to testify about a call the reporter made to Elgindy shortly before his arrest in May 2002. Berke said in court that Evans called Elgindy and told him that he was about to be arrested and that FBI agent Royer was already under arrest.- By Carol S. Remond, Dow Jones Newswires; 201-938- 2074; carol.remond@ dowjones.com "

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next