Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Jay Fisk who wrote (74524)	1/3/2002 7:17:57 PM
From: Anthony@Pacific	Read Replies (2) \| Respond to of 122087

January 2, 2002 Attention all Business Editors: Ruling in NASD Department of Market Regulation complaint vindicates Anthony Elgindy January 2, 2002 -- Insidetruth.com is pleased to announce the vindication of its director Anthony Elgindy in a case brought by NASD's Department of Market Regulation, which we believe to be of historic significance. Background: In April, 2000, the NASD accused Mr. Elgindy of stock manipulation and fraud in his role as market maker for Key West securities, in regard to trading in the common stock of Saf-T-Lock (NASDAQ:LOCK) in 1996. NASD's charged that Elgindy manipulated shares of LOCK higher and then disseminated deceptive press releases in an attempt to bring the price of this stock down again. This action was filed after Mr Elgindy appeared on various TV shows, including ABC's 20/20 criticizing the NASD; and after he was quoted in "Wired" Magazine calling the NASD a "corrupt cesspool populated by single celled flagella nuggets". It is common knowledge that Mr. Elgindy is widely recognized as one of the NASD's harshest critics. Ruling: Today, in its unanimous finding, the NASD's own hearing panel cleared Mr. Elgindy of the Market Regulation Dept.'s charges & accusations of price manipulation & fraud. Further, the Board reviewed several press releases issued by Key West during the time period in question. It rejected the NASD's fraud accusations, ruling instead that the releases were factually accurate. In fact, NASD Market Regulation's own witness testified that she knew of nothing in Elgindy's releases which was factually untrue. NASD charges also included a claim that Mr. Elgindy failed to disclose his status as a market maker in said press releases. The panel concluded "those omissions had no significance for purposes of manipulation.. and were actually inadvertent oversights, and each of the releases truthfully reflected his opinions and the facts underlying them." The ruling found Key West liable for a technical violation of Rule 2210 by disseminating recommendations which did not disclose the firm's market maker status (although the ruling cites other public sources prominently identifying Key West as a market maker), fining the firm $1,000. It also held that Key West was liable for certain bids not honored. Although it held that such bids did not manipulate the stock price, they also added that not a single " backing away" complaint was lodged against the firm in connection with these bids. Upon receiving the ruling, Mr. Elgindy commented, "Prior to this finding, I don't know of a single case involving the NASD where they lost their case in chief. I’d like to point out the fact that I was the first one to expose the crimes being committed by LOCK to the public and I was the first to issue a sell recommendation on this fraudulent company and this recommendation was at or near its top price. I find it incredible that the NASD took action against me, the whistleblower, and ignored the information that I had uncovered. It is important to note that recently the company, Saf-T Lock, settled fraud charges brought against it by the SEC, for lying and cheating the public, and as the saying goes ‘Another one bites the dust’" . Once again the NASD has proven that it is indeed a corrupt dumping ground for the fecal matter of criminally minded executives. The truth shall set you free, and now I can resume my quest of dismantling the NASD one 3-jointed leg at a time." The relevant parts of this ruling have been posted here: insidetruth.com Pacific Equity Investigations is an equity valuation research center. It may and often does have positions that are consistent with its reports. Anthony Elgindy is a professional trader and analyst, and one of the most well-known investment commentators on the internet. His work has been featured in numerous financial news media. He has appeared on TV shows "20/20" and "Justice Files" speaking out to warn the public about the risks of fraud and overvalued equities. He is the #1 most bookmarked person on the #1 financial discussion site, Silicon Investor siliconinvestor.com , and he is known as the " Mad Max of WallStreet " by WIRED MAGAZINE, wired.com