Anthony Elgindy is a notorious short seller with a sordid past. In the early 1990’s he was employed in several boiler room operations and engaged in bribery and stock manipulation schemes. In the mid 1990’s his schemes were exposed forcing him to admit to Federal authorities what he had done.
Instead of a jail sentence Elgindy was provided immunity from criminal prosecution and was enlisted as an informant. (Strike 0)
In the mid 1990’s Elgindy took refuge in a Texas Brokerage house where, while employed for the firm, submitted disability claims to an insurance company. He was later prosecuted on charges of fraud associated with the false disability claims. Elgindy would eventually spend several months in prison for these criminal acts. (Strike 1)
But Elgindy did not learn from his prior criminal mistakes and by the late 1990’s he was once again engaged in acts of fraud.
Through the use of a private web site Elgindy created a cult following of hedge fund managers, boiler room traders, and disreputable federal and regulatory agents. The web site was a chat haven of illegal trading schemes based on non-public information obtained illegally through these contacts and members.
In May 2002 Elgindy was again arrested for stock fraud. This time the fraud was associated with activities linked to the site and was precipitated on irregular trading Elgindy had engaged in prior to the 9/11 attacks. The Federal Authorities saw a potential link to Elgindy involving the funding of terrorist activities and inside knowledge into the attacks.
In 2006 he was convicted and sentenced to 9 years in Federal prison for racketeering and stock manipulation. An additional 2 years was tacked on to his sentence for his attempts to flee the country under a false passport while under trial for the stock fraud. (Strike 2) (Note: Had Federal Authorities not given Elgindy a free pass on his first criminal activity in the 90's this would be a three strikes your out criminal conviction)
Anthony Elgindy remains in jail today.
But Anthony Elgindy has not repented for his actions. His cult following still exists, as does a Silicon Investor message board he moderates through a third party from his jail cell. Elgindy’s moderation of the board is limited to banning those who chose to speak freely against his actions and against his methods of illegal trade. The thread chatter is limited to his cult way of thinking. Elgindy does not post on the thread himself because; while Silicon Investor allows him to moderate the board posters, and shut down open dialogue in the process they no longer allow him to post his own messages.
So Anthony gets around this by funneling cult messages through a legionnaire called Jeffrey Mitchell. Despite Elgindy's repeated criminal prosecutions Mitchell is a staunch cult like supporter and has vowed to follow Elgindy to whatever depths Elgindy will take him.
Recently Elgindy has once again opened up to his infantile and irresponsible beliefs regarding his rights to manipulate our securities markets. He has come to thesanitycheck and read our discussions but responds to such on his own tightly controlled and moderated thread.
Over here we allow the Constitutional right of free speech to reign true unlike the cowardice acts of one Mr. Anthony Elgindy and supported by SI.
So…Since good old Tony wants to talk about things lets give him a forum of issues to talk about. I urge you all to start dissecting his memo’s as they appear and lets see how he responds. Lets have a good old-fashioned debate front and center here where the free flow of information is allowed.
Welcome aboard friends and write in your comments, questions, and suggestions ( NO ARTICLES PLEASE). If Tony's followers do not post responses here but instead on his board I will drag over the links to keep the issue fluid.
Tony, feel free to extend an invite to Bond (JF), Mr Pink (DL), Archer (MH), Dako (MM), or any of the other former members to opine on this critical issue. It would be nice to understand their impression of our securities laws past and present.
BTW…If you Digg this blog and get others to do the same we will be able to gain more exposure to the thoughts of one Anthony Elgindy. You have to create an account at Digg.com to Digg the blog and then follow the prompts.
Elgindy’s Commentary to date can be read in the links below.
December 25
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24160844
December 27
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24166032
December 28
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24167351