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From: EL KABONG!!!	6/19/2006 9:04:40 PM
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online.wsj.com Judge Sentences Trader Elgindy To More Than 11 Years in Jail June 19, 2006 6:24 p.m. NEW YORK -- A federal judge sentenced short-seller Anthony Elgindy to more than 11 years in prison for his role in a scheme to manipulate the stocks of small-cap companies. In addition to the prison term of 135 months, U.S. District Court Judge Raymond Dearie ordered Mr. Elgindy to forfeit $1.5 million. Mr. Elgindy was convicted in January 2005 of racketeering, conspiracy and securities fraud. He and four others were charged in May 2002 in U.S. District Court for the Eastern District of New York with securities fraud, extortion and obstruction of justice. Federal prosecutors accused Mr. Elgindy of using confidential government information obtained from Federal Bureau of Investigation special agent Jeffrey Royer to manipulate stock. Mr. Royer was found guilty of racketeering conspiracy, securities fraud and obstruction of justice. Mr. Elgindy rose to prominence in the late 1990s as a frequent message poster on Internet stock chat sites, such as Silicon Investor. He subsequently started a private chat site where members paid a fee to obtain his stock insights, which mostly focused on shorting securities. Short selling is a trading technique that produces profits when a company's stock price falls. Shorting a stock can be perfectly legal -- depending on how it is done. Write to the Online Journal's editors at newseditors@wsj.com EK!!!

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