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Microcap & Penny Stocks : ECNC (OTC:BB) - eConnect

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To: roulette who started this subject5/12/2004 8:18:03 PM
From: yomaz   of 18222
 
Kharma Is A Beautiful Thing...

<<<DJ NASD Appeals SEC Order To Overturn Elgindy Decision

By Carol S. Remond
A Dow Jones Newswires Column

NEW YORK (Dow Jones)--In an unprecedented move, NASD is appealing a
Securities
and Exchange Commission's decision to set aside an NASD disciplinary ruling.

In a petition filed last week with the United District Court of Appeals
for
the District of Columbia Circuit, NASD asked the court to review a March 10
SEC
order that overturned most of an NASD decision against Anthony Elgindy.

NASD is a self-regulatory organization that oversees broker dealers and
most
members of the financial community. NASD routinely investigates and brings
regulatory actions against firms or individuals found to have violated
federal
securities laws.

In a very unusual set of circumstances, NASD, which itself is regulated
by
the SEC, seems to have decided that the Elgindy case is important enough to
take
on its own regulator.

NASD had found that Elgindy and Key West Securities Inc, a brokerage firm
he
owned, attempted to manipulate the market for Saf T Lock stock in 1997. NASD
in
2003 barred Elgindy from association with any NASD firm, expelled Key West
and
fined Elgindy and his firm $51,000.

Elgindy appealed the NASD decision to the SEC. And in an embarrassing
defeat
for the NASD, the SEC in March dismissed most of the findings, overturning
Elgindy's ban, his firm's expulsion and ordering that $50,000 of the
original
$51,000 fine be dismissed.

A controversial short seller, Elgindy is now in jail awaiting trial on
criminal charges of securities fraud and racketeering. He was recently
arrested
at a New York airport attempting to board a plane with a fake
identification.
Elgindy and five co-defendants were charged in 2002 on charges they
conspired to
drive down the price of the shares of companies they targeted in a
short-selling
scheme which involved the use of confidential government information.

A spokeswoman for the NASD declined to comment.
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074;
carol.remond@dowjones.co>>>
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