Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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To: rrufff who wrote (4105)	12/21/2008 9:08:19 AM
From: rrufff	2 Recommendations Read Replies (1) of 5034

Self-styled "cyber sleupps" often post about "front running." Does this decision apply only to someone who has paid subscribers? Defendant Elgindy also challenges the legal basis of the two wire fraud counts of which he was convicted. These counts concern Elgindy’s practices of trading against his advice to his AP site subscribers and his related practice of “front running,” i.e., making his own trades before advising the site subscribers to trade in a security and thus guaranteeing himself increased profits. Both of these alleged practices were presented to the jury as violations of the prong of the wire fraud statute that prohibits use of interstate or international wire communications in execution of a scheme “to deprive another of the intangible right of honest services.” 18 U.S.C. §§ 1343, 1346. Specifically, the Government alleged that Elgindy, by trading against his advice to the AP site subscribers and trading in advance of the trades he directed them to make, cheated his AP site subscribers of the honest services he owed them. Elgindy, however, contends that no such duty was owed.

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