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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: NucTrader who wrote (25660)	9/13/1999 9:17:00 PM
From: KM	Read Replies (1) of 99985

Wow. Anyone see this re Armstrong: U.S. prosecutors said that Princeton Economics International chairman Martin Armstrong has been charged with securities fraud for his role in allegedly stealing $1 billion from Japanese investors. The U.S. Securities and Exchange Commission complaint alleges that Armstrong sold "Princeton notes" to Japanese investors to set up trading accounts with the profits held in Republic New York's (RNB:NYSE) brokerage division Republic New York Securities. Prosecutors said that Princeton hid nearly $500 million in trading losses in 300 Japanese investors' accounts. Officials claim that Princeton, which told investors that their accounts would be individually handled and conservatively invested, combined the accounts, applying money from one to the interest payments on another. Armstrong could serve 10 years in jail and pay a $1 million fine.

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