Stock Tampering Suspect Arrested.The FBI arrested a young El Segundo El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and man in an audacious stock market hoax Hoax Balloon Hoax, The news story in 1844, reporting the transatlantic crossing of a balloon with eight passengers. [Am. Lit.: The Balloon Hoax in Poe] Piltdown man missing link turned out to be orangutan. [Br. Hist. that rocked Wall Street, sending shares of Emulex Corp. plummeting 62 percent and costing investors in the high-tech firm an estimated $50 million in losses. Mark Simeon Jakob, 23, an El Camino Community College student and active stock trader, orchestrated or·ches·trate tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates 1. To compose or arrange (music) for performance by an orchestra. 2. the fraud to recoup severe losses suffered on trades he made in the Orange County company, and used his inside knowledge of how Internet financial news wires work to pull it off, authorities alleged. The hoax -- which involved a bogus report that Emulex would restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state earnings, and that its chief executive had quit -- allowed Jakob not only to wipe out his losses but to make an additional $186,000 in profit by buying near the stock's low during the company's roller-coaster ride Aug. 25, officials said. He faces a maximum of 15 years in prison if convicted on charges of securities and wire fraud. |
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