Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, April 11, 2007

Armstrong Sentenced in Ponzi Scheme

Martin A. Armstrong was sentenced to five years in prison and ordered to pay $80 million in restitution for running a $3 billion Ponzi scheme from 1992-1999.  He has already been in jail for seven years for contempt of court, for refusing to turn out gold, antiquities and documents in a related civil case brougoht by the government.  The five year sentence will not begin until the conclusion of the contempt sentence.  See NYTimes, Jailed Adviser Is Sentenced and Fined in Fraud Case ; WSJ, 'Princeton Notes' Financier Is Sentenced.

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