SEC Dismisses Fine Imposed on Amr Elgindy
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The Securities and Exchange Commission dismissed a $50,000 fine imposed on short seller Amr Elgindy by the National Assn. of Securities Dealers in a case involving Saf T Lok Inc. shares, officials said Wednesday.
Neither Elgindy nor his lawyer could be located for comment.
The NASD ruled in 2003 that in 1997, San Diego-based Elgindy helped manipulate the stock price of Saf T Lok, a Pennsylvania-based handgun safety device manufacturer, by entering fraudulent quotations in the Nasdaq systems and then selling the stock short at artificially high prices.
The SEC upheld the NASD’s findings that Elgindy should have disclosed that he made a market in the securities.
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