Ex-stock picker loses appeal
Former stock picker Anthony Elgindy lost an appeal of his conviction for using inside information to make short sales and extort money from companies he wrote about in an online newsletter.
A New York appeals court upheld the 2005 conviction and sentence of Elgindy for racketeering conspiracy, securities fraud, wire fraud and extortion.
Elgindy was sentenced to 11 years and three months in prison.
The court also upheld the conviction and sentence of codefendant Jeffrey Royer, a former FBI agent who supplied inside information to Elgindy.
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