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| Mr. Omar S. Amanat most recently was the Founder, CEO and majority shareholder of Tradescape Corp, a next generation brokerage and technology firm for professional investors, which he founded in 1997 and sold to ] in 2002 becoming one of ] largest shareholders. Prior to forming Tradescape, Mr. Amanat co-founded CyberBlock, the predecessor of CyberTrader, Inc., which was acquired by ] in February 2000. Mr. Amanat is the recipient of the prestigious Albert P. Einstein Technology award for outstanding corporate citizenship and sits on the Board of Trustees for the Harlem Youth Development Foundation. He has been profiled in various media venues including ], ] and ], and is a frequent public speaker including a fateful speech planned at Windows on the World 9/11 Mr. Amanat attended the ] | Mr. Omar S. Amanat most recently was the Founder, CEO and majority shareholder of Tradescape Corp, a next generation brokerage and technology firm for professional investors, which he founded in 1997 and sold to ] in 2002 becoming one of ] largest shareholders. Prior to forming Tradescape, Mr. Amanat co-founded CyberBlock, the predecessor of CyberTrader, Inc., which was acquired by ] in February 2000. Mr. Amanat is the recipient of the prestigious Albert P. Einstein Technology award for outstanding corporate citizenship and sits on the Board of Trustees for the Harlem Youth Development Foundation. He has been profiled in various media venues including ], ] and ], and is a frequent public speaker including a fateful speech planned at Windows on the World 9/11 Mr. Amanat attended the ] | ||
| ] | ] | ||
| Mr Amanat was dubbed by Fortune Magazine as one of the "Top Ten Most Influential Technologists" on Wall Street where his company was featured 5 times and once on the cover under the title "The New Market Makers." His company Tradescape traded over 10% of NASDAQ's daily Trading volume. | Mr Amanat was dubbed by Fortune Magazine as one of the "Top Ten Most Influential Technologists" on Wall Street where his company was featured 5 times and once on the cover under the title "The New Market Makers." His company Tradescape traded over 10% of NASDAQ's daily Trading volume. | ||
| He is currently Vice-Chairman of the Acumen Fund and is considered one of the "Global Leaders of the next 50 years" | He is currently Vice-Chairman of the Acumen Fund and is considered one of the "Global Leaders of the next 50 years" | ||
| E*TRADE FINANCIAL LITIGATION | |||
| Amidst a highly contested auction where bidders included Charles Schwab and Ameritrade, Mr. Amanat ultimately sold his highly sought after company, Tradescape, which was considered one of the top 50 private companies in the world in 2001 by a national magazine, to E*Trade on April 9th 2002 for $280 million in E*TRADE stock becoming E*TRADE's largest shareholder. Three weeks later, on May 1st 2002, the Wall Street Journal announced that the CEO of ETRADE, Cristos Cotsakos, stole $90 million from the company without disclosing it to investors including Tradescape. The stock soon plummeted 70% from its high after ETRADE admitted that their 2001 financials were innaccurate. | |||
| Mr Amanat threatened to sue E*TRADE for federal securities fraud for not disclosing this Refco like situation before merging with Tradescape. Sensing that the stock would not rise again unless the CEO resigned Mr Amanat demanded the resignation of ETRADE's CEO and tried to enlist the support of several mutual fund shareholders of ETRADE in order to pressure ETRADE to make its CEO resign. E*TRADE threatened to smear Mr. Amanat unless he agreed to not sue and to make allegations against him that they knew they could never prove and lead a "coalition of the willing" to put him and him and his company into bankrutpcy. | |||
| Ultimately, Mr Amanat sued E*TRADE for $1.5 billion. Around the time of the filing of this lawsuit three ETRADE executives (whom ETRADE paid $11.6 million) filed an involuntary bankruptcy petition against Mr Amanat's company in a bid to prevent the lawsuit from being successful. ETRADE prevented Mr. Amanat from receiving 31 million shares of ETRADE stock now worth some $600 million. They also shut down another business that Mr Amanat owned and operated at the time an ECN called MarketXT which was the second largest ECN at the time--larger than Archipeligo which recently acquired the NYSE and was generating over $100 million in revenues at that time. | |||
| This is one of the most egregious offenses ever committed by a public company (E*TRADE) against one of its acquisitions (Tradescape). It is estimated that Amanat will win the lawsuit and collect $1.5 billion. | |||
Revision as of 00:12, 22 December 2005
Business History
Mr. Omar S. Amanat most recently was the Founder, CEO and majority shareholder of Tradescape Corp, a next generation brokerage and technology firm for professional investors, which he founded in 1997 and sold to E*Trade Financial in 2002 becoming one of E*Trade's largest shareholders. Prior to forming Tradescape, Mr. Amanat co-founded CyberBlock, the predecessor of CyberTrader, Inc., which was acquired by Charles Schwab in February 2000. Mr. Amanat is the recipient of the prestigious Albert P. Einstein Technology award for outstanding corporate citizenship and sits on the Board of Trustees for the Harlem Youth Development Foundation. He has been profiled in various media venues including Fortune Magazine, The Wall Street Journal and The New York Times, and is a frequent public speaker including a fateful speech planned at Windows on the World 9/11 Mr. Amanat attended the University of Pennsylvania
Mr Amanat was dubbed by Fortune Magazine as one of the "Top Ten Most Influential Technologists" on Wall Street where his company was featured 5 times and once on the cover under the title "The New Market Makers." His company Tradescape traded over 10% of NASDAQ's daily Trading volume. He is currently Vice-Chairman of the Acumen Fund and is considered one of the "Global Leaders of the next 50 years"