Stock Trader To Make Court Appearance

SAN DIEGO -- A court hearing will be held Friday for a San Diego-based stock trader accused of being involved in an insider trading scam, 10News reported.

Anthony Elgindy of Olivenhain is facing criminal charges after he allegedly spread negative information leaked to him by two FBI agents about publicly traded companies.

Prosecutors said Elgindy would then post the information on his Web site, Insidetruth.com, for subscribers.

Elgindy, referred to as the "Mad Max of Wall Street," was arrested Tuesday night during a raid on his upscale home in Olivenhain.

If convicted, Elgindy faces up to 20 years behind bars.

Four other people including the former FBI agents are also in custody, according to 10News.