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Donaldson: the SEC chairman is under mounting pressure to prove that new rules on naked short selling are working |
ON JANUARY 24 this year, Anthony Elgindy was convicted in Brooklyn Federal Court on charges relating to a naked shorting scam that affected more than 100 penny-stock companies. Between 1999 and 2002, Elgindy had been running a subscription website for hedge funds and brokers that invested in shares traded over the counter or on the pink sheets. On the website, Elgindy established a message board where he posted price-sensitive, non-public information provided by an FBI agent, Jeffrey Royer, on the penny-stock companies and their executives.
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