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Revision as of 19:40, 4 August 2006 by 209.191.246.3 (talk) (→[] Lawsuit)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)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. Mr. Amanat attended the University of Pennsylvania and the top-ranked Wharton School of Business and he currently sits on the Board of Advisors for Wharton's Entrepreneurial Council.
E*Trade Lawsuit
Recently, he has been at the center of major controversy as E*Trade filed a suit against his holding company. E*Trade Financial Corp. brought a lawsuit alleging that it was defrauded when it purchased online trading company Tradescape.com for about $280 million in stock in 2002. The lawsuit says the principals of now-defunct MarketXT Holdings Corp. "concealed declining trading volume and revenues for Tradescape and artificially pumped up its balance sheet with false assets. Manhattan-based E*Trade is seeking damages of at least $20 million and punitive damages of at least $100 million.
His personal creditors filed an involuntary bankruptcy petition against him in 2004 and recently, in June 2005 MarketXT also filed for bankruptcy. He, along with his various entities, are the subject of lawsuits from creditors as well as employees who claim to have been defrauded. The controversy also includes other members of the Amanat family who are alleged to have ran Tradescape like a family piggy bank. Omar Amanat's father, Amanat Sharif has been the subject of various lawsuits alleging that he traded Tradescape client accounts without the permission of the clients and suffered losses. Irfan Amanat, Omar Amanat's brother and a former executive at Tradescape recently settled with the SEC over allegations of fraud while he was with the firm that amounted to extracting rebates from a NASDAQ program improperly and with intent. This settlement resulted in the revocation of MarketXT's ability to transact in the securities industry, effectively shutting down the firm.
Amanat's father, Amanat Sharif, was previously associated with healthcare fraud and it has been alleged that Omar Amanat was recently forcibly removed from a high-level position he held with Bridges TV, a new Muslim TV venture after he failed to deliver on promises he made to obtain the position with the firm.
Please do not delete, as this is factual information supported by legal documents.
I would like to share with you a little information about Omar Amanat.
Bold textYou may read things that state what a great person he is...a great entrepreneur...a man who fights for Bold textcauses.... Bold textWell... Bold textlet me tell you the TRUTH ABOUT OMAR AMANAT.
Bold textWho is he really?
Bold textOmar Amanat is a crooked business man, who makes business agreements and then does not abide by them.
Bold textMy name is Dennis Lowenfels and I was a Rebate Trader under Omar. Bold textOmar took it upon himself to not pay me a large percentage of the money I earned while working under him, Bold textpursuant to our trading agreement/contract.
Bold textI worked with a group of 40 or so traders under Omar for MarketXT, a subsidiary of Tradescape. Bold textOmar bankrupted the company and left us with Promisary notes that he never made good on. Bold textOmar owes me close to $30,000. This may not be a lot of money for most people, but it is a lot to me. He left Bold textowing the 40 traders 1.4 million dollars.
Bold textOmar, how can you sleep at night knowing how many people you have screwed over financially????
Bold textI strongly urge people to think twice about doing business with Omar Amanat. We took Omar to court, but we are Bold textcurrently in line with several other cases and 90 million dollars in other law suits. E Trade and Soft Bold textbank are two of the huge corporation suing Omar.
Bold textI don't know if the little guy can win in the legal system...but if you don't want to get screwed like we did, Bold textdo not do business with this man.I have proof of everything I am saying...documented evidence. If you Bold texthave any questions I can be reached at barkleyparamus@yahoo.com. I would be more than happy to provide you Bold textwith documentation proving all of my allegations.
Enough about this "philanthropist". Omar isn't a philanthropist, he is a crooked businessman who does not pay his employees.' The lie: Amanat attended the University of Pennsylvania and the Wharton School of Business and he currently sits on the Board of Advisors for Wharton's Entrepreneurial Council. He 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.
Truth: Omar Amanat left University of Pennsylvania undergraduate program after his first year. He never attended the Wharton graduate program at UPenn. As part of a Entrepreneurial program sponsored by the Wharton graduate program for their students, Wharton invited successful entrepreneurs around the country to speak in their school seminar to share their business experiences. Omar volunteered for this program and spoke at the Wharton School of Business as did dozens of other individuals. Omar speaks of being a member of the entrepreneurial council at Wharton as means imply that he must have actually graduated from any of their programs. One would assume that b/c Omar is a Wharton board member (which i highly doubt) that that would imply he must have graduated from the school. The only school Omar has ever graduated from, was high school.
Other Miscellaneous info
On April 8th 2004 Mr Amanat filed a $1.5 billion lawsuit against E*Trade and shortly thereafter Etrade filed a counterclaim for $20 million.
Omar Amanat left University of Pennsylvania undergraduate program after his first year. He never attended the Wharton graduate program at UPenn. As part of a entrepreneur program sponsored by the Wharton graduate program, Wharton invited successful entrepreneurs to speak in their school seminar to share their business experiences. Omar volunteered for this program and spoke at the Wharton School of Business as did hundreds of other individuals.
Omar's real intent here is to mislead people into thinking that he is an actual teacher at the school which in some way implies that he graduated from any of their programs.
Again, Omar left the undergraduate program after his first year. That is his only affiliation with the school. He does not even have his bachelors degree, nevermind a graduate degree from Wharton.
External links
www.acumenfund.org www.humanrightswatch.org www.goodnewsbroadcast.com
He is also being sued for 1.5 mln by a group of 40 traders whom Omar did not pay their salary after he sold out to ETrade in 2002.