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in jail for 7 years for contempt--In Fraud Case, 7 Years in Jail For Contempt
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February 16, 2007, Friday
By GRETCHEN MORGENSON (NYT); Business/Financial Desk
Late Edition - Final, Section A, Page 1, Column 3, 2092 words
DISPLAYING ABSTRACT - Onetime investment manager Martin A Armstrong has been jailed in New York since January 2000 on contempt charges for refusing to produce $15 million in gold and antiquities and documents required in government civil suit for alleged securities fraud; client losses have been repaid by bank involved in his trades but Armstrong remains jailed; he says in telephone interview from Metropolitan Correction Center that contempt was used to keep him from going to trial; his lawyers say he is stuck in tangled, surreal situation in which criminal prosecutors have never had to prove their 24-count indictment as long as civil case continued; Armstrong pleaded guilty last August to criminal conspiracy, but there has been no jury trial to determine whether he misappropriated hundreds of millions in client funds or whether he can claim that temporary losses could have been recovered in market; Judge John F Keenan has not yet sentenced him; Judge Richard Owen, who held him in contempt, charged Armstrong was waiting to be released to retrieve $15 million; appeals court panel removed Owen from case in November but decined to free Armstrong, although it called for fresh look at case; Republic Bank has paid $606 million, full restitution, to victims, all Japanese companies
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maybe this guy is looking at the mayan calendar
Edited by snorkels4, 03 March 2007 - 11:24 PM.