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Non-Tech : Short Selling, Banned members, Justice for All -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (25)	6/28/2006 10:45:28 PM
From: ravenseye	Read Replies (2) \| Respond to of 50

I disagree with you based on the governments opening statement. Seems to me the unindicted coconspirators were let known their status at some point in time. The following shows not everything that happened on Elgindy's web site was illegal or that every one on the web site knew that they were participating in a fraud. Why are you attempting to distort the truth? lma(zz)o 47 23 you'll hear how Royer vouched for Elgindy so that those 24 regulators would listen to him and that he would get access to 25 these regulators. But Elgindy was no Robin Hood, he was ALLAN R. SHERMAN, CSR, RPR Official Court Reporter United States District Court Eastern District of New York 48 Opening/Government/Szczepanik 1 profiting at the expense of the public. He was robbing from 2 the rich and the poor. For while occasionally he reported 3 information to regulators, Elgindy did so only after he had 4 locked in his own profit, creating more victims. Any tips to 5 law enforcement were primarily meant to accelerate and 6 increase his profit and any benefit to law enforcement was a 7 side effect that came at a great cost because as you'll learn, 8 part of their scheme involved Royer and Elgindy compromising 9 investigations in order to gain access to files. I've just 10 told you about the insider trading and market manipulation but 11 that is not all Elgindy did with the stolen information. He 12 also committed extortion. The extortion was closely related 13 to the manipulation because just as Elgindy to would pressure 14 to a stock price to make it go down, he could remove that 15 pressure as well, which he sometimes did for a price. 16 So you'll learn that Elgindy extorted stock from 17 companies by threatening to force the stock price of the 18 company down unless the company agreed to pay him off. 19 So you'll see that the defendants were perfectly 20 willing to walk away from a company they called sham for the 21 right price. So much for their charade that they were 22 protecting the public. 23 To be clear, we are not alleging that everything 24 that happened on Elgindy's web site was illegal or that every 25 one on the web site knew that they were participating in a ALLAN R. SHERMAN, CSR, RPR Official Court Reporter United States District Court Eastern District of New York 49 Opening/Government/Szczepanik 1 fraud, but you will see that to Elgindy and his inner circle, 2 the web sites were not forums for research and exposing fraud 3 at all. According to Elgindy the web site was his money 4 making cash cow. Because besides collecting large monthly 5 subscribers fees, and you will hear that they amounted to 6 millions, Elgindy and the inner circle converted the web site 7 to a criminal enterprise.

To: StockDung who wrote (25)	6/28/2006 11:54:35 PM
From: ravenseye	Read Replies (2) \| Respond to of 50

4197 2 THE COURT: So they don't need counsel? 3 MR. BERKE: Judge, my only statement, again, I 4 understand the concern. I understand the sensitivity, but 5 these are people who can make their own independent judgments 6 whether they want to be represented by counsel, whether they 7 want to testify in this case. My concern is that to the 8 extent, again, the government reaches out to these people, 9 speaks to those people, understanding there may be two steps, 10 that the people will take that and not be available to us. 11 Again, not suggesting any impropriety on the 12 government's part, or the part of sending an FBI agent out 13 there to interview them. The government in this case had 14 initially given us a short list of coconspirators. They then 15 gave us a much longer list of coconspirators without any 16 explanation how I think it more than doubled. hmmm, initially a short list of coconspirators that more than doubled -- hardly sounds like everyone who read tony's threads. lma(zz)o