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Non-Tech : Short Selling, Banned members, Justice for All
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To: StockDung who wrote (25)6/28/2006 10:45:28 PM
From: ravenseye  Read Replies (2) of 50
 
I disagree with you based on the governments opening statement. Seems to me the unindicted coconspirators were let known their status at some point in time. The following shows not everything that happened on Elgindy's web site was illegal or that every one on the web site knew that they were participating in a fraud. Why are you attempting to distort the truth? lma(zz)o

47
23 you'll hear how Royer vouched for Elgindy so that those
24 regulators would listen to him and that he would get access to
25 these regulators. But Elgindy was no Robin Hood, he was
ALLAN R. SHERMAN, CSR, RPR Official Court Reporter
United States District Court Eastern District of New York
48
Opening/Government/Szczepanik
1 profiting at the expense of the public. He was robbing from
2 the rich and the poor. For while occasionally he reported
3 information to regulators, Elgindy did so only after he had
4 locked in his own profit, creating more victims. Any tips to
5 law enforcement were primarily meant to accelerate and
6 increase his profit and any benefit to law enforcement was a
7 side effect that came at a great cost because as you'll learn,
8 part of their scheme involved Royer and Elgindy compromising
9 investigations in order to gain access to files. I've just
10 told you about the insider trading and market manipulation but
11 that is not all Elgindy did with the stolen information. He
12 also committed extortion. The extortion was closely related
13 to the manipulation because just as Elgindy to would pressure
14 to a stock price to make it go down, he could remove that
15 pressure as well, which he sometimes did for a price.
16 So you'll learn that Elgindy extorted stock from
17 companies by threatening to force the stock price of the
18 company down unless the company agreed to pay him off.
19 So you'll see that the defendants were perfectly
20 willing to walk away from a company they called sham for the
21 right price. So much for their charade that they were
22 protecting the public.
23 To be clear, we are not alleging that everything
24 that happened on Elgindy's web site was illegal or that every
25 one on the web site knew that they were participating in a
ALLAN R. SHERMAN, CSR, RPR Official Court Reporter
United States District Court Eastern District of New York
49
Opening/Government/Szczepanik
1 fraud, but you will see that to Elgindy and his inner circle,
2 the web sites were not forums for research and exposing fraud
3 at all. According to Elgindy the web site was his money
4 making cash cow. Because besides collecting large monthly
5 subscribers fees, and you will hear that they amounted to
6 millions, Elgindy and the inner circle converted the web site
7 to a criminal enterprise.
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