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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: maceng2 who wrote (1455956)	5/10/2024 12:19:45 PM
From: Qone0	2 Recommendations Recommended By pocotrader rdkflorida2 Read Replies (2) \| Respond to of 1578138

Dude he lost 700 million dollars in trading losses of other peoples money. He's the last person on earth anyone should listen to. In 1999, Japanese fraud investigators accused Armstrong of 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. [13] United States prosecutors called it a three-billion-dollar Ponzi scheme. [14] Allegedly 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. [14] Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund's money; the list included bronze helmets and a bust of Julius Caesar. [15] [16] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors. [17] [18] [19] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison. [20] [15]