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To: d:oug who wrote (45161)	11/19/1999 9:50:00 PM
From: d:oug	Respond to of 116762

(GATA & Cafe News) - Armstrong trial scheduling deferred 11/18/99 By TONY HAGEN NEW YORK -- Commodities trading guru Martin A. Armstrong yesterday said he is preparing to make a statement to Japanese media about his alleged involvement in a $1 billion scam that bilked dozens of Japanese companies. A Maple Shade resident who worked out of offices at Carnegie Center in West Windsor, N.J., Armstrong has pleaded innocent to criminal charges he took Japanese investors' money under false pretenses and misappropriated it. Prosecutors for the U.S. Attorney's office allege Armstrong lost nearly $400 million in fruitless commodities trading and spent millions on luxuries for himself and his family. Accompanied by his attorney in U.S. District Court in Manhattan yesterday, Armstrong said he would make a statement in two weeks to Japanese media. He gave no further details. U.S. Magistrate Judge Lawrence M. McKenna yesterday postponed trial scheduling in the case so Armstrong could comply with court orders, including an order this week to surrender his overseas assets and place them under U.S. court control. U.S. Attorney Brian Coad, a lead prosecution attorney, agreed to the extension, saying the case was "getting complicated." SINCE ARMSTRONG'S arrest on fraud charges in mid-September, court appointed receiver Alan M. Cohen has been attempting to track down the trader's assets and has frozen the operations of Armstrong's West Windsor businesses: Princeton Global Management and Princeton Economics International. A separate business, Princeton Economics Institute, which sold research services to Armstrong, has also been frozen. Prosecutors have alleged that business, run by Armstrong's two grown children, received much of the money Armstrong got from his investors. Yesterday, McKenna ordered Armstrong to reappear in court in mid-January so a trial date could be set. Armstrong is free on a $5 million bail bond agreement and has hired lawyers in Philadelphia and Manhattan to defend him against criminal and civil charges in the case. Armstrong and his Philadelphia attorney, Marc Durant, left the U.S. District Court quickly after the hearing in McKenna's courtroom. THEY DECLINED to speak with reporters, most of whom represented Japanese media. Outside the building Japanese photographers and cameramen awaited to catch an image of Armstrong as he departed the federal courthouse. In recent weeks the case has broadened as accounts have surfaced of kickbacks allegedly paid to Japanese companies by Armstrong's Cresvale International subsidiary. Cresvale's Tokyo branch, which allegedly sold Armstrong's "Princeton note" bonds, has been forced to suspend its operations by Japanese regulators. Contrary to prosecutors' allegations, Armstrong has contended he took no part in sales of the bonds or representations made about the safety of investing in them. The Trenton Times A.M. edition \| How to contact The Times \| Times archives What I found of interest was the comment, " so Armstrong could comply with court orders, including an order this week to surrender his overseas assets and place them under U.S. court control. U.S. Attorney Brian Coad, a lead prosecution attorney, agreed to the extension, saying the case was "getting complicated." If mega short term precious metals bear Martin Armstrong was short gold and or silver, it was in his overseas accounts, not the Princeton Economic Institute accounts. I know that for a fact after talking to senior representatives of PEI. Whether there is any serious short covering to be done here still remains to be seen. Have a great weekend. Bill Murphy (Midas) Chairman, Gold Anti Trust Action (GATA) gata.org Le Patron, Le Metropole Cafe lemetropolecafe.com