Oh Janice honey:Short-Seller Elgindy Sentenced To More Than 11 Years
By Carol S. Remond
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--U.S. District Court Judge Raymond Dearie on Monday sentenced short-seller Anthony Elgindy to 135 months, or more than 11 years, in prison for his role in a scheme to manipulate the stocks of small-cap companies.
Dearie also sentenced Elgindy to forfeit $1.5 million.
Elgindy was convicted in January 2005 of racketeering, conspiracy and securities fraud. He and four others were charged in May 2002 in U.S. District Court for the Eastern District of New York with securities fraud, extortion and obstruction of justice.
Federal prosecutors accused Elgindy of using confidential government information obtained from Federal Bureau of Investigation special agent Jeffrey Royer to manipulate stock. Royer was found guilty of racketeering conspiracy, securities fraud and obstruction of justice.
-By Carol S. Remond, Dow Jones Newswires; 201-938-2074
