Tuesday, August 11, 2015

Former Olivenhain fraudster Anthony Elgindy commits suicide

We often refer to Encinitas as the Ponzi scheme capital of America due to its numerous Ponzi schemers, but it's been home to other types of financial fraudsters as well.

Perhaps the most famous was Anthony Elgindy, who made national news when his Olivenhain mansion was raided by the FBI.  Elgindy had been a penny-stock operator in the mode of Wolf of Wall Street and Boiler Room, then turned FBI informant.  What got him in trouble in 2002 was his relationship with crooked FBI agents who sold him information about pending FBI investigations into public companies.  Elgindy then profited by shorting the stocks of those companies.

The lavish mansion raided in 2002 was on Calle Tres Vistas in Olivenhain.  Public records also show Elgindy having lived on Rancho Encinitas Drive, at the opposite end of the loop from the Olivenhain drug house.  Elgindy was believed to be living elsewhere in the San Diego area more recently.

Now Don Bauder in the San Diego Reader tells us:
Elgindy's son, Adam Elgindy, says on his Facebook page, "My dad, Anthony Elgindy, passed away yesterday. He was under so much stress and panic and he took his own life." Several of Adam Elgindy's friends sent him condolences such as "I'm sorry man, "if you need anything at all hit me up man," and "I'm praying god watches over you."
Our condolences to the Elgindy family.

More background on the stock-shorting scheme and trial here and here.

1 comment:

  1. Different suicide - but about a half hour ago, a man jumped in front of a southbound Amtrak train around the step house. First rumor I've heard and the train is still stopped in the 1100 block. Back in 77, I watched two me exit the Neighbor Saver after buying two cigars and they heard a freight train coming. They ran over to the tracks and one tried to jump across. He didn't make it. But about 5 min. later I heard someone say "A pregnant lady was hit and her and the baby are dead". So you can't always rely on hearsay....