Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (40249)	9/13/1999 7:37:00 PM
From: Zardoz	Read Replies (1) \| Respond to of 116758

Addition to your psot. biz.yahoo.com Princeton fund manager charged in securities fraud NEW YORK, Sept 13 (Reuters) - The chairman of Princeton Economics International was charged on Monday with securities fraud in a scheme that may have robbed Japanese investors of $1 billion, U.S. prosecutors said. Martin Armstrong was charged with duping investors in his Princeton Global Management and related funds -- including Tokyo subsidiary Cresvale International -- attracting $3 billion in investment, but now owing as much as $1 billion, according to a complaint unsealed by the U.S. Attorney's office. Princeton covered up at least $500 million in trading losses in accounts held for some 300 Japanese investors, prosecutors said. The complaint and accompanying litigation from the U.S. Securities and Exchange Commission charge that Armstrong sold ''Princeton Notes'' to Japanese investors to establish trading accounts, with the proceeds held in Republic New York Securities, a brokerage unit of Republic New York Corp. (NYSE:RNB - news). Princeton Economics, a New Jersey economic forecasting firm that also owns Princeton Global and Cresvale, allegedly promised that each investor's account would be separately maintained and conservatively invested. In fact, the officials charge, accounts were commingled using funds in one to pay off interest due in another. In addition, Armstrong ran up trading losses of more than $504 million and -- with the help of the former president of futures trading at Republic's brokerage unit -- issued false ''confirmation letters'' to clients overstating the balance in their accounts. The U.S. Attorney's office and the SEC estimate that Armstrong owes investors a total of $1 billion against a remaining balance of $46 million in his funds. He was scheduled to appear in U.S. District Court in Trenton, N.J., late Monday. The scheme began to unravel after Japan's Financial Supervisory Agency requested that the Federal Reserve Bank and Republic Bank investigate the trading accounts. Armstrong faces up to 10 years in jail and a fine of $1 million or twice the gain or loss resulting from the crime.

To: Ahda who wrote (40249)	9/13/1999 8:12:00 PM
From: PaulM	Read Replies (2) \| Respond to of 116758

Armstrong Arrested and Charged; "Ponzi Scheme" (Bloomberg Version) bloomberg.com. Wasn't this the guy who was going to put his credibility on the line and testify to "upward manipulation" of the silver market? If Princeton should go under or suffer redemptions, I'd be curious as what what positions might have to get unwound.

To: Ahda who wrote (40249)	9/13/1999 8:19:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116758

<<Holy sh--!!!! Martin Armstrong's crew collared???? >> So, Martin Armstrong is always right some here said, Princeton had to be right about GATA others said. Hmmmm.

To: Ahda who wrote (40249)	9/13/1999 9:04:00 PM
From: Alex	Read Replies (1) \| Respond to of 116758

9/13/99 - Swiss keep an eye on gold price <Picture> LONDON (Business Day, September 13, 1999) - Swiss central bank president Hans Meyer says the low gold price will influence a decision on when the bank will start sales of its 1300 tons of surplus gold. He said at the weekend the bank would steer a course between demands for quick sales and the need to get a reasonable price. Meyer refused to be specific on the timetable. In an interview with Swiss business paper Finanz und Wirtschaft, he said the bank would "presumably have the freedom to act in the spring" once the legislative process to authorise gold sales had taken its course. "Basically, there is no intention to use that (freedom). When and how that will happen - we will see," he said. Meyer said the fall in the gold price had more to do with market psychology than with actual official sales. "Until now, only central banks with small gold reserves have sold," he said. "That indeed caused reaction for psychological reasons, but the major gold holders haven"t conducted sales." The Bank of England has started selling off a portion of its holdings, and despite the drop in the price has said it will continue with planned sales. Meyer said Switzerland"s gold reserves were double its actual needs. It had as much as Germany, whose economy was 10 times larger than the size of Switzerland"s. "We came to the conclusion that it would be sensible to use half the gold reserves for other purposes," he said. Switzerland"s central bank was thinking of eliminating its "obsolete" discount rate. "The money market is supplied through currency swaps and repo operations." Meyer said the central bank expected inflation to average about 1% and he saw no unsettling signs of higher prices to come. - Dow Jones. Copyright 1999 Business Day. Distributed via Africa News Online.