Saturday, April 28, 2007
Ponzi Schemer Armstrong Will Begin Criminal Sentence
Martin A. Armstrong, who pled guilty to running a $3 billion Ponzi scheme through his investment fund, Princeton Economics International, has already served seven years in jail for civil contempt, having refused to turn over assets to the court-appointed receiver. Now he will begin to serve his five-year sentence for the crime. See NYTimes, Jailed 7 Years for Contempt, Adviser Is Headed for Prison; WSJ, Judge Lifts a Sanction on Armstrong.