PowerLinx Inc (PWNX)

[DeadManWalkingInGA]

A&P at his best

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=16057636

To:Anthony@Pacific who started this subject
From: etc. Wednesday, Jul 11, 2001 3:39 AM
Respond to of 72573

BCSC-named P.I. clients deny accounts
National Bank of Canada
NA
Shares issued 188,728,712
2001-07-10 close $28.7
Tuesday Jul 10 2001
Correction
See B.C. Securities Commission (BCSEC) Correction
by Brent Mudry

Two short-related stock market players, Steven A. Keyser and Amr Ibrahim
"Anthony" Elgindy, described by the British Columbia Securities Commission as
being clients of Pacific International Securities and securities violators, deny they
have had accounts with the scandal-plagued Vancouver brokerage or ever done
anything significantly wrong in securities markets. Each is anxious to set his record
straight. They also seem to speak from oddly similar scripts.
Both men assert they are actually white knights who bust stock frauds for federal
officials. "We're the good guys here," Mr. Keyser told Stockwatch, referring to his
group of associates. "I've never been fined, I've never been censured," says Mr.
Elgindy of Pacific Equity Investigations, who uses the nickname Anthony.
In a notice of hearing issued Tuesday by the BCSC against P.I. and its executives,
the regulator claims Mr. Elgindy was suspended in 1997 for one year by the
National Association of Securities Dealers and fined $30,000 (U.S.). The
Canadian regulator claims Mr. Elgindy's registration was revoked in 1998 by the
NASD for failure to pay monies owing in a previously executed settlement
agreement.
Mr. Elgindy told Stockwatch he has never been a securities violator in any way.
"That is in fact a lie." The former broker confirms he was fined by the NASD for
"a trading technicality and so forth," which he describes as "improper usage of an
SOES terminal," and he exited the industry in 1998 on a purely voluntary basis. "I
have a checkered past, but I've never been a securities violator," says Mr.
Elgindy. He did not offer his personal definition of either "securities violator" or
"checkered past."
NASD records confirm Mr. Elgindy was suspended for one year from association
with any NASD member in a principal capacity and for 30 days from any
association with any NASD member in any capacity. Mr. Elgindy consented to
the entry of findings that he caused his member firm to execute 108 orders through
SOES for the firm's account.
The regulatory findings also stated he cause his firm to enter "non-bona-fide"
orders through the SelectNetSM System for the firm's account that were either
timed out or cancelled by him before they could be executed.
In addition, the NASD found that Mr. Elgindy caused trades reported to ACT to
be cancelled by failing to acknowledge or confirm the trades. The regulator further
found that Mr. Elgindy failed to ensure that his firm establish, maintain and enforce
supervisory procedures that would have enabled the firm to deter and detect the
dubious conduct.
Mr. Elgindy now claims he is nothing but a knight in shining armour. "I work for
the SEC ... I investigate frauds and write reports which I turn over to the SEC,"
says Mr. Elgindy. "I have never had an account at Pacific International with the
name Anthony Elgindy," he says, although he declined to reveal his true name.
His real name is Amr Ibrahim Elgindy, also known as Amir Ibrahim Elgindy, at
least according to NASD records. Mr. Elgindy did not clarify whether his "work
for the SEC" is as a paid operative or as a volunteer of some nature.
Mr. Keyser is equally upset at being named in the BCSC notice and a
Stockwatch article. He denies he or his group of shorting associates have every
done anything wrong, although the BCSC asserts he was given a permanent
injunction and a disgorgement order in November, 1987, in a settlement of a
complaint filed by United States Securities and Exchange Commission.
Mr. Keyser, who refuses to identify which city or even state he resides in, due to
"a lot of death threats," also denies he has ever been a direct or indirect client of
Pacific International. The publicity-shy player declined to confirm whether he
controlled or directed any holding company accounts at the brokerage or whether
he had any involvement in any other accounts. "I'm not trying to dig up old dirt on
myself," he explains.
When asked whether he or his group have ever owned, operated or been
associated with any account at P.I., Mr. Keyser declined to elaborate further.
"What we do at P.I. or don't do at P.I. is none of your business," he told
Stockwatch.
On the regulatory front, Mr. Keyser concedes he once signed a standard SEC
settlement, neither confirming nor denying any wrongdoing, but he cannot recall
the terms, although he believes he handed over stock that was worth $30,000
(U.S.) to him. "I had a regulatory issue in the mid-1980s," he concedes.
Mr. Keyser is particularly offended by having his name pop up in a BCSC notice
targeting Pacific International, as he claims he also is a white knight, not a
shadowy securities violator like other purported P.I. clients on the regulator's list.
"We're the good guys here."
"We expose fraud -- we do securities research," says Mr. Keyser. "We have
been the sole reason for shutting down a number of scams." Although Mr. Keyser
declines to use the word "short," he says "we take positions and expose the
fraud." "We've never done wrong," says Mr. Keyser.
"We've exposed fantastic frauds," says the Good Samaritan, noting he and his
group have co-operated with the SEC, the FBI, state attorneys-general and the
U.S. Attorney General's office. Mr. Keyser declined to name names, but says "we
worked on the Star-Net case."
"I never had an account at Pacific International," says Mr. Keyser.
(c) Copyright 2001 Canjex Publishing Ltd.