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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (11759)	5/24/2002 4:53:54 PM
From: 16yearcycle	Read Replies (6) \| Respond to of 57684

When you read what the bears write, and they seem to want horrible things to happen in the world, maybe they really are all the incredibly evil things they seem to be. Because they not only bang the bear drum, the leaders drag unsuspecting baby bears along with them. Did he really know tens of thousands would die, and he would lead his legions in a way so they could profit from it?: And if he knew, isn't it odd that the exchanges were in a nose dive from late August on? How many knew?: Prosecutor alleges accused swindler knew Sept. 11 attacks were coming By SETH HETTENA Associated Press Writer SAN DIEGO (AP) -- An Egyptian-born financial analyst charged in an alleged stock swindle scheme may have known about the Sept. 11 terrorist attacks and tried to profit from them, a federal prosecutor said Friday. Amr I. "Tony" Elgindy telephoned his broker on Sept. 10 and asked him to liquidate his children's $300,000 trust account, Assistant U.S. Attorney Ken Breen told a federal judge at Elgindy's detention hearing. "He made a comment predicting the market would drop to 3,000" at a time when the Dow Jones stock index was at 9,600, Breen said. "Perhaps Mr. Elgindy had pre-knowledge of the Sept. 11 attacks. Instead of trying to report it, he tried to profit from it." Elgindy, 34, of Encinitas, California, was ordered held without bond on charges of racketeering, extortion and obstruction of justice. Before issuing the order, Magistrate Judge John Houston said he was going to "disregard" the suggestion that Elgindy had anything to do with the terror attacks. Elgindy, wearing a tan jumpsuit, did not speak during the hourlong hearing. His attorney, Jeanne Knight, said Elgindy did call his broker to make a trade, but the timing was coincidental and the market had been dropping for months. "It seems like the government, for lack of factual evidence, has decided to smear my client with terrorist innuendoes," Knight said. "This is smacking of racial profiling." Breen made his accusations as prosecutors tried to convince Houston that Elgindy was a flight risk and should be denied bail. Elgindy, one of five defendants in the case, was arrested May 22 on an indictment issued by a grand jury in New York. Two FBI agents used confidential databases to provide Elgindy and other co-conspirators with information on publicly traded companies, the indictment said. Elgindy allegedly spread negative information about the companies on his Web site and to subscribers of his e-mail newsletter, InsideTruth.com, while betting that the companies' stock would go down. In one case, a former FBI agent searched the agency's confidential National Crime Information Center database and discovered the criminal history of a top executive for a company called Nuclear Solutions, the indictment said. The same day, Elgindy began sending e-mail calling the executive "a convicted felon," then sold the company's stock short, the papers said. Earlier this week, FBI agents raided Elgindy's $2.2 million mansion. Inside, agents said, they found tens of thousands of dollars in cash and gold coins. The government is seeking to seize Elgindy's fleet of cars, including a Rolls Royce, a Jaguar and a Humvee. If convicted of all counts, Elgindy faces a maximum 65 years in prison.