O the irony, look who got ink:
...Another trade investigated by the FBI, on request from the SEC, focused on Amir Ibrahim Elgindy, an Egyptian-born San Diego stock advisor who on the day before 9/11 had allegedly attempted to liquidate $300,000 in assets through his broker at Salomon Smith Barney. During the attempted liquidation, Elgindy was said to have “predicted that the Dow Jones industrial average, which at the time stood at about 9,600, would soon crash to below 3,000.”
The 9/11 Commission memorandum suggests that the FBI never interviewed Mr. Elgindy either and had planned to exonerate him because there was “no evidence he was seeking to establish a position whereby he would profit from the terrorist attacks.” Apparently, the prediction of a precipitous drop in the stock market, centered on the events of 9/11, was not sufficient cause for the FBI to interview the suspect.
In late May 2002, Elgindy was arrested along with four others, including an FBI agent and a former FBI agent, and charged with conspiracy to manipulate stock prices and extort money from companies. The FBI agents, Jeffrey A. Royer and Lynn Wingate, were said to have “used their access to F.B.I. databases to monitor the progress of the criminal investigation against Mr. Elgindy.” A federal prosecutor later accused Elgindy, who also went by several aliases, of having prior knowledge of the 9/11 attacks. Although the judge in that case did not agree with the prosecutor on the 9/11 informed trading accusation, Mr. Elgindy was eventually convicted, in 2005, of multiple crimes, including racketeering, securities fraud and making false statements....
from
Evidence for informed trading on 9/11 attacks
by Kevin Ryan
November 19, 2010
bloomingtonalternative.com |
