| | | Martin Fraud Armstrong will print almost anything to peddle a newsletter.
Martin Arthur Armstrong (born November 1, 1949) is the former chairman of Princeton Economics International Ltd. He is known for his economic predictions based on the Economic Confidence Model, which he developed.
In September 1999, Armstrong faced fraud charges by the Securities and Exchange Commission and the Commodity Futures Trading Commission. During the trial, Armstrong was imprisoned for over seven years for civil contempt of court, one of the longest-running cases of civil contempt in American legal history.[1] In August 2006, Armstrong pleaded guilty to one count of conspiracy to commit fraud, and began a five-year sentence.[2]
Criminal conviction[edit]
In 1999, Japanese fraud investigators determined that Armstrong had been collecting money from Japanese investors, improperly "commingling" these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[8] Assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong's investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[9]
Armstrong was indicted in 1999, and was ordered by Judge Richard Owen to turn over a number of gold bars, computers, and antiquities that had been bought with the fund's money; the list included bronze helmets and a bust of Julius Caesar.[10] Armstrong produced some of the items, but claimed the others were not in his possession; this led to several contempt of court charges.[11] Armstrong was jailed for seven years for contempt of court, until Judge Owen was removed from the case and Armstrong reached a plea agreement with federal prosecutors.[12] Armstrong pleaded guilty to conspiracy and was sentenced to five years in prison.[13] He was released from Federal custody on September 2, 2011.[14]
carlo ponzi?
well, maybe not. but almost. |
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