US v Elgindy trial transcripts are now available:
Subject 56050
Note: Here's a snippet from the opening remarks which start on the bottom of page 35:
22 MS. SZCZEPANIK: Good morning. Ladies and gentlemen
23 of the jury, this is a case about fraud, corruption, and
24 betrayal. It's about a group of short sellers of stock led by
25 that man, Anthony Elgindy, who came together to form a corrupt
ALLAN R. SHERMAN, CSR, RPR Official Court Reporter
United States District Court Eastern District of New York
36
Opening/Government/Szczepanik
1 criminal enterprise to steal confidential law enforcement
2 information so that they could make money in the stock market.
3 You see a short seller is a stock trader who makes
4 money when a stock price goes down. So Elgindy thought what
5 better way to make money as a short seller than to find out
6 what companies are being investigated by the government before
7 the public knows that information. So he teamed up with
8 someone that had access to the information. He teamed up with
9 that man, Jeffrey Royer, a corrupt FBI agent who used his
10 position to access and steal confidential law enforcement
11 information to provide it to the enterprise. And who were the
12 victims of this scheme? They were the investors who were on
13 the other side of the trades. They were members of the public
14 who did not have the same stolen information that the
15 defendants had when they made their stock trades.
16 And ladies and gentlemen, the integrity of the stock
17 market depends on a fair and even playing field and the
18 integrity of law enforcement depends on the honesty of its
19 agents. But these defendants put their greed above all of
20 that.
21 You'll see that Elgindy portrayed himself as a
22 crusader against fraud in the marketplace but, ladies and
23 gentlemen, the exact opposite was true. Elgindy was
24 opportunistic thief who saw Agent Royer as his winning lottery
25 ticket. He used the information Royer stole which was
ALLAN R. SHERMAN, CSR, RPR Official Court Reporter
United States District Court Eastern District of New York
37
Opening/Government/Szczepanik
1 information about confidential FBI agents, Securities &
2 Exchange investigations and information about people's
3 criminal backgrounds. He took that information to further the
4 goals of the conspiracy. They used it to commit insider
5 trading, market manipulation and extortion so that he and the
6 members of the criminal enterprise could make money at the
7 expense of the investing public.
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