Short Seller Gets Eleven Years

Law360, New York (June 21, 2006, 12:00 AM EDT) -- Short seller Anthony Elgindy was slapped with 11 years and three months in prison and a $1.6 million fine by a federal judge yesterday for his role in manipulating stock using confidential government information gained from an agent with the Federal Bureau of Investigation.

A Brooklyn jury convicted Elgindy on charges of racketeering, conspiracy and securities fraud 15 months ago. The sentencing was originally scheduled for late last year, but was postponed several times.

"As intently as I listened, I heard not one word of genuine...
To view the full article, register now.