Ah, such is life...I'm just looking forward to the day when I go from small-time conman to big-time conman...kinda like daytrader to specialist...scalper to marketmaker...
Turlo, Not sure if you have read "confessions of a street addict", but Cramer comes right out and says that he would fish around companies for information and do the same with the analysts for potential upgrades and downgrades. Load Up on Puts and Calls and then sell into the frenzy. (He doesn't add that part but it is what I suspect) Anyone else think it is curious that he is so opposed to REG FD, and retired soon after its inception?
I don't think he was arrested for 'Ruling the Freakin' Market'. Seems unrelated to trading altogether: http://www.thestreet.com/tech/internet/940672.html Elgindy pleaded guilty to the mail fraud charge in February, after he was charged in a nine-count insurance fraud indictment. (TSC wrote about his plea in February.) The indictment had alleged that Elgindy received compensation from securities firms while he was also fraudulently receiving disability benefits from an insurance company. The mail fraud charge stemmed from the method of delivery for the disability checks.
http://story.news.yahoo.com/news?tm...r_elgindy_is_charged_with_manipulating_stocks I was wondering how this guy made so many correct calls. Looks like he had a pal at the FBI.
that guy was paying off FBI people for information regarding which companies they were investigating. He was then posting this information on his site, and other web chat sites. The interesting thing is that he was paying around $30,000 for the information, but they seized a Jag, a Hummer, a Bentley and a house worth $2.2 mil (if i remember correctly). Not too shabby at all Those FBI boys go for dirt cheap payouts. I'd at least ask for the Bentley, or a new Benz greedy canuck
Short-Seller Elgindy Is Charged With Manipulating Stock Prices By MICHAEL RAPOPORT and CAROL S. REMOND DOW JONES NEWSWIRES NEW YORK -- Anthony Elgindy, the controversial short-seller and Internet stock commentator, was arrested on charges of manipulating stocks by using secret government information fed to him by collaborators within the Federal Bureau of Investigation. Mr. Elgindy, who lives in the San Diego area, was arrested at his business on Tuesday, Jan Caldwell, a spokeswoman for the San Diego field office of the FBI, said Wednesday. Mr. Elgindy was indicted by a federal grand jury in Brooklyn, N.Y., on charges of racketeering, insider trading, market manipulation, extortion conspiracy and obstruction of justice. Four other people, including a current FBI agent and a former agent, also were indicted. The indictment alleges that Mr. Elgindy, through his FBI contacts, obtained confidential information from FBI databases about criminal history and investigations relating to companies that he was shorting or thinking of shorting. A short-seller sells borrowed shares and profits when a stock declines, so exclusive access to negative information about a company would be valuable to a short. He then used the secret information to decide how to invest, prosecutors say, and distributed it to other short-sellers to encourage them to short the stock also. Paid subscribers to Mr. Elgindy's e-mail newsletter and investment Web site received the information also, prosecutors said. In addition, according to the indictment, Mr. Elgindy extorted free or cheap shares of stock from the insiders of companies he had targeted in exchange for his agreement to stop shorting the companies and stop spreading negative information about them. Mr. Elgindy was even able to spy on the government's grand jury investigation of him through his FBI contacts, prosecutors allege. One of the FBI agents indicted along with Mr. Elgindy gleaned information about the probe from an FBI database and told Mr. Elgindy of the direction of the investigation and that he was a target, according to the indictment. A woman at Mr. Elgindy's home hung up the phone on a reporter who called seeking comment. Mr. Elgindy's attorney couldn't immediately be reached.