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Anthony Elgindy (November 28, 1967 – July 23, 2015),  was an American stock broker, and financial commentator who founded Pacific Equity Investigations. Elgindy gained a reputation for his "investigations" of companies. Towards the end of his life, Elgindy was convicted of insider trading and served seven years in federal prison.
Elgindy originally worked as a car salesman in San Diego. In 1988, he became a stock trader working for penny stock brokerage Blinder Robinson. He later moved to another brokerage house, Armstrong McKinley.
Exposing unethical companies
During the mid 1990's, he began publishing on short selling message boards. He soon became known for exposing companies that he believed were engaging in unethical and illegal activity that inflated their stock. An adverse posting about a company from Elgindy could allegedly cause a company's stock to decline sharply. In 1999, He launched Pacific Equity Investigations in 1999, using his earlier experience working in boiler rooms to expose fraud.
Law enforcement information scheme
After 2000, Elgindy began working with FBI agent Jeff Broyer. Elgindy gave Broyer the names of companies that he believed were engaging in illegal activity, and Broyer used FBI databases to search for any investigations into those companies by the FBI or the SEC. Broyer then funneled information on any pending investigations to Elgindy, who used that information to short sell the stock. He was not above extorting executives into giving him stock in order to make him back off his attacks on them.
After the September 11 attacks, the FBI began investigating Elgindy after receiving a tip that he might have had foreknowledge of the attacks.. The investigation found no evidence of that.
However, the Elgindy investigation did uncover his relationship with Broyer. Broyer resigned and began working directly for Elgindy. Broyer's girlfriend, FBI agent Lynn Wingate, continuing to funnel information to Elgindy. In 2002, Elgindy, Broyer and Wingate were indicted for their roles in the scheme.
In 2003, the National Association of Securities Dealers (NASD) ruled that Elgindy and his firm Key West Securities "engaged in a manipulative scheme in 1997 to inflate artificially the share price of Saf T Lok, Inc. through the entering of fraudulent quotations in the NASDAQ system, selling the stock short at the artificially high prices, and then taking active steps to depress the share price of Saf T Lok through the dissemination of negative research comments."
In a superseding indictment issued in January 2005, Elgindy was charged with racketeering, securities fraud and other crimes. This included his scheme to steal information about FBI and separate SEC investigations of various companies. Elgindy was accused of insider-trading involving 32 different stocks, including the stock of Genesis Intermedia, Inc. (GENI),
After a four-month trial, Elgindy was convicted of "inside-trading" in five stocks with illegal gains totaling about $66,000.
The Elgindy case was the subject of an episode of American Greed that aired in 2010 entitled "The Mad Max of Wall Street."
- Eric Dash (2004-11-01). "Broker Who Aided U.S. Going on Trial for Fraud". The New York Times.
- Joey Anuff and Gary Wolf (August 2000). "The Dumbass, The Daytrader, and the New Democracy". Wired.
- American Greed: The Mad Max Of Wall Street (Television Production). United States: CNBC. 2010.
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- "Archived copy". Archived from the original on 2011-07-17. Retrieved 2011-01-10.CS1 maint: archived copy as title (link)
- "Well-known market manipulator Anthony Elgindy is dead". Retrieved 2017-05-01.
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