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Pastimes : Investment Chat Board Lawsuits

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To: Anthony@Pacific who wrote (3922)11/19/2002 8:42:22 PM
From: Jeffrey S. Mitchell  Read Replies (1) of 12265
 
Re: 11/19/02 - [Elgindly] Fromthewilderness.com Issues Apology and $1000 Reward to Anthony Elgindy

Last July FTW published the following item to our Timeline, "Oh Lucy, You Gotta Lotta Splainin to Do":

"56. Sept. 10, 2001 - Amr Elgindy, a colleague of Iran-Contra figure Adnan Khashoggi and a notorious inside trader on the financial markets, orders his broker to liquidate his children's $300,000 trust account fearing a sudden crash in the market. Elgindy is arrested in San Diego May 2002, along with FBI agents Jeffrey Royer and Lynn Wingate, who have been using their FBI positions to feed him inside information on various corporations. Elgindy is currently being held without bail. [The Globe and Mail, May 25, 2002]"

We should have said:

"56. Sept. 10, 2001 - Amr Elgindy, a public critic of Iran-Contra figure Adnan Khashoggi and an alleged inside trader now facing federal charges in New York, orders his broker to liquidate his children's trust account fearing a sudden crash in the market. Elgindy is arrested in San Diego in May 2002 along with FBI agents Jeffrey Royer and Lynn Wingate, who have been using their FBI positions to feed him information on various corporations. Elgindy is currently being held without bail. [The Globe and Mail, May 25, 2002]"

This month Mr. Elgindy contacted FTW and challenged our statement. He also provided us with his personal trading records on the stock of GenesisIntermedia (GENI) Corporation, which was controlled by Khashoggi and Ramy el-Batrawi. In an effort to correct information that may have been misleading we are now issuing a correction. In reviewing those documents, which we have agreed not to publish, we found that even though two trades occurred on the same day that Khashoggi made highly suspicious trades in the stock, there is nothing in the size or nature of Mr. Elgindy's personal trades themselves that proves insider trading on GENI. The fact that two of Mr. Elgindy's trades occurred on the same days as those of Mr. Khashoggi's may be coincidental. The records provided by Mr. Elgindy do not suggest that his personal transactions were anything other than those made in the normal course of investor speculation. Criminal allegations of insider trading against Mr. Elgindy and any other investigations into his trading activities are matters that have not been proved in court as of this writing.

We note that Mr. Elgindy is currently charged with insider trading to short issues of companies in collusion with other parties as well as market manipulation, extortion, obstruction of justice and racketeering, according to complaint #2001R02074 filed in a United States District Court in New York last May. Which other companies or persons were involved has not yet been fully disclosed and the outcome of the case is still pending. We also note that as reported in a June 10, 2002 story in the San Diego Union-Tribune titled, "Local stock speculator is accused of bribing FBI agent for information on companies," "Elgindy, 34, portrays himself as a reformed scam artist, a white knight battling corporate fraud." The same story also states that in 1992 his mother won $30,000 in arbitration after she had alleged that he made unauthorized trades on her account, and that he became an FBI informant in 1995 after the FBI targeted him in a sweep of local brokers. And finally we note that as reported in the Oct. 14, 2001 issue of the San Diego Union Tribune, Elgindy pleaded guilty to mail fraud charges in Texas in 2001.

We apologize to our readers and to Mr. Elgindy for any misconceptions our inaccurate quoting of the Globe Mail story may have caused.

FTW has had an offer of $1,000 for anyone who could show that any entries in our "Oh Lucy" Timeline were based upon source material that was not authentic or inaccurately quoted. That offer expires one year from the original date of our lecture at Portland State University, where we first made the offer on Nov. 28, 2001. The full and governing text of that offer is contained in our video, "The Truth & Lies of 9-11," and it supercedes any statements made by other parties about our offer or by former employees of FTW. The decision to expire the offer was made more than a month ago. However we extended it to demonstrate good faith in this case.

Our first sentence of the original timeline statement did not accurately represent statements made by the Globe and Mail. Therefore, we have decided that we are going to award Mr. Elgindy $1,000 for correctly pointing out an inaccurately quoted report. This award in no way represents, nor should it be construed as a settlement of any other issues between Mr. Elgindy and From The Wilderness, but it does demonstrate our good faith and trust with our readers.

We shall be watching with interest to see what additional information will be disclosed at his trial, scheduled to begin in the spring of 2003.

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