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From: Jeffrey S. Mitchell	12/16/2004 3:56:19 PM
	of 122087

SEC Lawyer Testifies In Elgindy Case, Judge Frustrated 12-16-04 02:18 PM EST NEW YORK (Dow Jones)--A lawyer for the Securities and Exchange Commission said Thursday that he welcomed information from sources about possible securities fraud. But the lawyer said the process was a one-way street. "There is no give. I'm glad to receive information from any source, but they get no information from me," SEC Lawyer Brent Baker told defense counsel Barry Berke. Baker was called to testify by online stock guru and short seller Anthony Elgindy's defense team. Elgindy and former Federal Bureau of Investigation Jeffrey Royer are standing trial in the U.S. District Court for the Eastern District of New York. They, and three others to be tried separately, are charged with securities fraud, market manipulation and extortion. The government alleges that Elgindy used his Web site to share confidential information he illegally obtained from Royer and that Elgindy and others traded and profited from it. Defense lawyers for Elgindy and Royer have argued that Royer was trying to gather information from Elgindy and that in the process he may have gathered some information of his own. Questioning Baker about the process through which he collects information, Berke asked the SEC lawyer about his contacts with an Internet poster named Floyd Schneider. Schneider uses the alias "truthseeker" online. Berke introduced e-mails between Baker, Schneider and Elgindy to support the defense's contention that in the process of sharing information with law enforcement personnel, Elgindy was able to glean information from them too. Meanwhile, federal Judge Raymond Dearie appeared to grow exasperated with the length of Berke's examination of witnesses. During a break without jurors present, Dearie admonished Elgindy's defense lawyer to get to the point. When Berke argued that the prosecution took a long time itself to present the government's case, Dearie answered: "It's not length, it's about relevance. There is no contested issue about Elgindy having long relationships with the SEC and (whomever else)....My frustration has nothing to do with length, it's the length compared to the relevance." Baker is expected to resume his testimony after the lunch recess. At least one more SEC lawyer is expected to testify after that. - By Carol S. Remond, Dow Jones Newswires; 201-938-2074; carol.remond@ dowjones.com news.morningstar.com

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