Posted on 06/06/2002 2:29:38 PM PDT by It'salmosttolate
Stock trader targeted in Sept. 11 probe agrees to return to New York
Associated Press
Wednesday, June 5, 2002
SAN DIEGO - An Egyptian-born financial analyst who prosecutors said may have had prior knowledge of the Sept. 11 attacks agreed Tuesday to be returned to New York to face charges of using confidential FBI information to manipulate stock prices.
Amr I. ``Tony'' Elgindy will remain held without bond in San Diego until he is moved. A spokesman for the U.S. marshal's office would not say exactly when he would be moved.
Elgindy, 34, of Encinitas, waived his right to fight extradition at a brief hearing Tuesday. His attorney, Jeanne Knight, did not return a message seeking comment.
In a telephone interview from jail, Elgindy told the Los Angeles Times that the terrorist allegations were raised because ``of my birthplace, my name, the color of my skin.'' He also said that all the material he used to focus on stocks was gathered through public sources.
Federal authorities arrested Elgindy last month on an indictment issued by a New York grand jury, charging him with insider trading, securities fraud, extortion and obstruction of justice.
He is accused of bribing an FBI agent to give him secrets from federal criminal databases and then using the information to make money in the stock market. A current and a former FBI agent were among four others charged in the conspiracy.
At a May 24 detention hearing in San Diego, a federal prosecutor said Elgindy may have known about the Sept. 11 attacks and tried to profit from them.
Elgindy telephoned his broker on Sept. 10, asked him to liquidate his children's $300,000 trust account, Assistant U.S. Attorney Ken Breen said. The defendant also made a comment that the Dow Jones industrial average, then trading at about 9,600, would drop to 3,000, Breen said.
``Perhaps Mr. Elgindy had pre-knowledge of the Sept. 11 attacks,'' he said. ``Instead of trying to report it, he tried to profit from it.''
Breen said that Elgindy had $2 million invested in positions that would have benefited from a market collapse.
FOR EDUCATION AND DISCUSSION PURPOSES ONLY.
!!!
He spoke to his broker AFTER the market closed on 9/10 regarding their planned meeting on 9/11. The sales in the accounts (custodian accounts for his kids) took place about 9/18. Do the facts make any difference to your opinion?
Tonight on at RadioFR! June 6, 2002
9:00 p.m. - 11:00 p.m. EDT / 6:00 p.m. - 8:00 p.m. PST...
YO!
ANNA AND MERCURIA
DO THE "REYNOLDS (W)RAP"
(Well, you knew it had to happen sometime...!)
WITH SPECIAL GUEST
DAVID PALMQUIST
"THE KING OF CONSPIRACY"
Where do your facts concerning a sale date of 9/18 come from?
Here's his SI message board:
http://www.Siliconinvestor.com/stocktalk/subject.gsp?subjectid=23993
I am not saying I can vouch for him personally, but a wild allegation like 9/11 link is absurd. He's a stock trader not a terrorist, for crying out loud.
. Anybody following the market early September could see a falloff *without* 9/11 attack - that just hastened it - the market was set to have a serious fall all through the summer. Had it taken natural course, would have fallen right through october, instead of falling sharply then rebounding.
BTW, WE ARE NEAR CYCLE LOW HERE IN DOW AND NAZ. More selloff may be coming, but then it will be another buying oppty like last September. I've been buying low PE beaten down stocks, like in energy, and WCOM as well. stay away from tech until intc hits $20.
Wanna bet?
IF you are referring to the custodial or trust accounts that have received so much attention, THEN you are misinformed.
IF you are simply saying he sold "something", so what, millions of "stuff" was sold 9/10.
IF you can post here a link or verifiable quote that shows the WSJ states what you claim, then I will gladly post one of MANY sources to support my earlier statement.
He made a post after the attack claiming he was short 65 stocks and stood to make alot of money from the market falling. The post still exists.
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