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Former Currency Trader Sentenced To 5 More Years For $3 Billion Ponzi Scheme
MICHAEL J. GARCIA, the United States Attorney for the Southern District of New York, announced that MARTIN A. ARMSTRONG, a former currency trader and former head of Princeton Economics International, was sentenced today in Manhattan federal court to 60 months in prison on his conviction for conspiracy to commit securities fraud, commodities fraud and wire fraud, stemming from his $3 Billion "Ponzi" scheme involving securities known as "Princeton Notes." United States District Judge JOHN F. KEENAN, who imposed the sentence, also ordered ARMSTRONG to pay restitution in the amount of $80 million. According to the Superseding Indictment filed against ARMSTRONG (the "Indictment") in 2004:
During the course of the scheme, from 1992 through 1999, approximately 139 victims -- primarily corporate investors -- were fraudulently induced to purchase more than $3 billion in so-called "Princeton Notes," or certain securities purportedly issued by a holding company called Princeton Global Management, Ltd. As is typical in "Ponzi" schemes, earlier investors were repaid through funds contributed by later investors and, by the time the scheme collapsed, investors had suffered losses in excess of $700 million. The fraudulent conduct included: (1) making numerous fraudulent representations concerning the value of assets in accounts that ARMSTRONG controlled; (2) fraudulent misrepresentations of ARMSTRONG’s trading performance; and (3) wrongful commingling of investor funds. Read more at newyork.fbi.gov.
Transfer Trades: Entries made upon the books of Futures Commission Merchants
Transfer Trades: Entries made upon the books of Futures Commission Merchants for the purpose of: (1) transferring existing trades from one account to another within the same firm where no change in ownership is involved; (2) transferring existing trades from the books of one FCM to the books of another FCM where no change in ownership is involved. Also called Ex-Pit Transactions.
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Definition:
The price, specified in the option contract, at which the underlying futures contract, security, or commodity will move from seller to buyer.
Margin
Definition:
The amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with a clearing organization. The margin is not partial payment on a purchase.
Hedge Exemption
Definition:
An exemption from speculative position limits for bona fide hedgers and certain other persons who meet the requirements of exchange and CFTC rules.
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