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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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To: rrufff who wrote (4095)12/21/2008 8:24:06 AM
From: rrufff2 Recommendations  Read Replies (1) of 5034
 
Why is it that the self-styled "cyber sleupps" almost never mention extortion when discussing this case? Think about it.

Elgindy also used the unlawfully obtained information for
the purpose of extortion. Specifically, after Royer provided
Elgindy with information that Paul Brown, the CEO of a company
called Nuclear Solutions (“NSOL”), had previously been convicted of a felony drug charge but that the conviction had been expunged, Elgindy posted the information on the AP site, describing Brown, inaccurately, as a “three time felon.” Elgindy and the AP site members then heavily shorted NSOL stock, causing its price to decline. Thereupon, Elgindy informed Brown that he and the AP site members would leave Brown alone only on the condition that Brown give Elgindy a discounted block of NSOL stock to cover their short positions. Brown signed an agreement with Troy Peters (one of Elgindy’s accomplices who pled guilty to participation in the extortion conspiracy), pursuant to which
Elgindy was acquitted of another extortion charge
involving a company called Flor Decor (“FLOR”) and its CEO, A.J. Nassar. Royer was acquitted of all extortion counts.

Peters’ company would purportedly provide investment banking
services to NSOL in exchange for stock in the company. No such
services were ever provided, however, and the agreement merely
served as a cover to transfer shares to Elgindy and others.
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