6 replies to this topic

[Frac_Man]

[bobalou]

I was thinking about housing ,now in 86 was a high ,it pulled back to about 91,so,then 2006 could be a high ,then 2011 could be a good time to buy.now,that could fit in the chart,cycles wize..bring it home..

[Russ]

Armstrong is in a prison with muderers and drug pushers, the tv is usually set on either cartoons or sports. He was thrown in the hole(supposedly for damaging an air conditioning vent!) and did not sleep for days before they go him to plead guilty after almost 7 years. Essentially they tortured him.

[dougie]

he is out .

[Russ]

he is out .

Not out, just visiting the civilian world.

Deal sought for financier jailed 7 years for contemptBy David Glovin
Bloomberg News
A federal judge in New York told regulators and lawyers for jailed financier Martin Armstrong to begin negotiations on whether to end a contempt order that has kept him behind bars seven years.

U.S. District Judge Richard Owen jailed Armstrong, 57, in January 2000 for failing to surrender $14.9 million in gold bars and coins sought in a lawsuit by the Securities and Exchange Commission and the Commodity Futures Trading Commission. It's the longest jail term anyone has ever served for civil contempt.

Last week, another federal judge brought Armstrong, founder of Princeton Economics International Ltd., his lawyers, and attorneys for the SEC and CFTC to his Manhattan courtroom and ordered them to begin immediate talks toward achieving a "resolution" of the contempt order. "The reason why you're meeting is to explore something that is likely improbable, impossible, and not going to happen," U.S. District Judge Kevin Castel said. "But why not give it a try?"

The lawyers negotiated through the day in an adjacent jury room without reaching a deal. They may convene again early this week. Armstrong has been battling two cases related to Princeton Economics since 1999, when he was criminally charged with defrauding investors, most of them Japanese, out of more than $700 million. In August, he pleaded guilty to a conspiracy charge stemming from what the government described as a $3 billion Ponzi scheme.

Separately, the SEC and CFTC sued Princeton Economics and Armstrong in 1999. Owen ordered Armstrong to hand over the gold and coins. Armstrong said he didn't have them, and Owen had him jailed for contempt.

Armstrong is awaiting sentencing on the criminal charge. He faces up to five more years in prison, although the judge overseeing that case could credit Armstrong for time served on the contempt citation.

An appeals court removed Owen from the civil case last year, and Castel was assigned to it.

[beta]

Armstrong's champions and defenders seem to forget about the part where he was convicted of defrauding investors out of $700M.

[Russ]

Was he convicted or did they force a guilty plea out of him?