N.M. FBI Agents Face Extortion Charges

KOAT ^

[chance33_98]

N.M. FBI Agents Face Extortion Charges
2 Agents Allegedly Provided Confidential Information On Companies 
Posted: 11:26 a.m. MDT May 22, 2002
Updated: 7:50 p.m. MDT May 22, 2002

ALBUQUERQUE, N.M. -- Two New Mexico FBI agents have been implicated in a nationwide securities fraud scheme.

The charges are contained in a grand jury indictment handed down in New York, alleging New Mexico FBI agents fed confidential information to a convicted felon in exchange for cash.

Special agent Lynn Wingate, 39, is assigned to the FBI's Albuquerque office. She's charged with racketeering, securities fraud and obstruction of justice.

Jeffrey Royer, 34, was an FBI agent in Gallup. He's facing the same charges as well as extortion conspiracy.

According to the grand jury, the mastermind of this insider-trading scheme is stock market guru Tony Elgindy, who operates several Internet investment Web sites.

Elgindy is accused of manipulating stock prices and extorting stock from publicly traded companies.

Elgindy amassed a small fortune, including a multi-million dollar California estate, and a fleet of expensive cars.

While with the FBI, Royer allegedly fed confidential FBI information to Elgindy. In exchange, Royer received more than $30,000, officials said.

Late last year, Royer resigned from the FBI to work full time for Elgindy.

The grand jury alleges that's when Royer recruited agent Wingate to take his place in stealing law enforcement data.

Wingate is also accused of leaking grand jury information to Royer.

While announcing Wednesday's indictment, prosecutors said, "The allegations in the indictment reveal a shocking partnership between an experienced stock manipulator and law enforcement agents, undertaken for their illicit personal financial gain."

Both Wingate and Royer appeared in federal court Wednesday, but were released pending trial, which will be held in New York. Elgindy was convicted of mail fraud two years ago, and served several months in a federal penitentiary.

[chance33_98]

Elgindy is accused of manipulating stock prices and extorting stock from publicly traded companies.

Elgindy was convicted of mail fraud two years ago, and served several months in a federal penitentiary.

This guy made millions off manipulating stock and spent 'several months' in a fed. pen? I am leaning ever closer to a life of crime. Bet the agents do more time then he did.

[Fred Mertz]

According to the grand jury, the mastermind of this insider-trading scheme is stock market guru Tony Elgindy, who operates several Internet investment Web sites.

This guy allegedly/possibly knew that 9/11 was coming down the pike. I wonder why this article fails to mention it?

[Pontiac]

Bet the agents do more time then he did.

As they should. I am not saying that Elgindy served an appropriate amount of time, I don’t think he did. What I am saying is that the FBI agents involved violated the trust place in them by the people of the United States and violated the oath they took to uphold the laws of the United States. FBI agents are supposedly the elite of US law enforcement and therefor should be held to a higher standard. They should be punished more harshly than a civilian.

[Lion's Cub]

This article, Five, Including F.B.I. Agents, Are Named in a Conspiracy , mentions that Tony Elgindy is AKA Amr Ibrahim Elgindy. Interesting that they left that, among other details, out.

[piasa]

That is curious

[Howlin]

What isn't lately? :-)

[piasa]

Ain't that the truth! It's getting incredibly hard to keep track of the cast of characters.

[Lion's Cub]

It's getting incredibly hard to keep track of the cast of characters

*Rueful grin* I started out keeping a list of the characters--now I'm only some 1100 stories behind... Sigh...

[Tijeras_Slim]

Royer received more than $30,000

I wonder if this guy was in financial trouble to sell out his coutry for chump change. Or is it merely a continuation of the X42 anything goes mindset?

[Alamo-Girl]

Thanks for the heads up!

[CyberAnt]

Is this the guy (Elgindy) from San Diego?? I cannot remember the guy's name, but some broker guy in San Diego has just been arrested for allegedly knowing about 9-11, and dumping some $300,000 worth of stock. Can't remember all the details.

[Fred Mertz]

ping!

[RummyChick]

Same guy

[CyberAnt]

What's really funny about this is my local independent station (KUSI), who are one of my favorites. I have been sending them articles from FR for several months. I sent them the article about this guy and they must have gone to FR and taken a look because they were the only station to tell the story that night.

Looks like we have another lurker in our midst.

[RummyChick]

Some places are doing a poor charge of reporting. For example, this site is wrong with the last two sentences. http://www.thesandiegochannel.com/sand/news/stories/news-147518520020522-140504.html That relates to the mail fraud conviction and he already served time for that.

[Sal]

I hope they absolutely crush him and the dirty fibbies. What I wonder about is what else are dirty agents selling to ME terrorists, Chicom agents, and any other random enemies of America? Are agents like this involved in the ongoing protection of the Iraqi mafia in OKC?

I usually tend to think the rot in the FBI is mostly at the top, but they have to have some compromised grunts too. Somebody has to implement the anti-American orders the big boys put out. I guess it's also possible that sometimes the upper levels don't even get info that lower levels protect. In any case, there are quite a few cracks appearing that reveal the rot underneath.