This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

This Silicon Investor Is Now Anthony@FederalDetention.gov

Short-seller and flamboyant Internet message board poster Anthony Elgindy was sentenced Monday by a Texas judge to a $20,000 fine and four months in a federal prison for felony mail fraud.

Elgindy, a former Nasdaq market maker and broker who's well known for his Internet postings critical of various publicly traded companies, also must spend four months in a work-release-type house confinement and three years on probation after finishing his prison term.

U.S. District Court Judge Terry Means, of the Northern District of Texas, ordered Elgindy to report to a federal detention facility on June 11. He rejected Elgindy's request for a lesser sentence of probation.

"I think it's fair because the judge said it's fair," Elgindy, 32, said in a phone conversation Tuesday.

Elgindy pleaded guilty to the mail fraud charge in February, after he was charged in a nine-count insurance fraud indictment. ( TSC wrote about his plea in February.)

The indictment had alleged that Elgindy received compensation from securities firms while he was also fraudulently receiving disability benefits from an insurance company. The mail fraud charge stemmed from the method of delivery for the disability checks.

"I have no hard feelings whatsoever toward the prosecutor. I have no hard feelings whatsoever toward the judge," said Elgindy, who lives in San Diego.

David Jarvis, an assistant U.S. attorney who prosecuted Elgindy's case, said he was satisfied with the judge's ruling Monday.

"That sentence is the minimum that the judge had to give him," Jarvis said. "He wasn't the transformed man that they made him out to be."

Elgindy, who posts messages about companies under the alias Anthony@Pacific on the Silicon Investor message boards and maintains a Web site , said he doesn't know if he'll be able to continue posting messages from prison. "I don't know if there's Internet access or not," he said.

In a posting on Silicon Investor early Tuesday, he bid his readers a temporary goodbye .

Elgindy also said he didn't know if he'd return to posting messages about companies on message boards after he is released. But he said there's some value to his opinions about fraudulent activities in business because he's able to "use my own knowledge of how these scumbags work, because I used to be a scumbag."

"I'm stuck in this role of bad guy who exposes bad guys," he added. But, "I'm just a young guy trying to earn an honest living."

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs