Free Republic
Browse · Search
General/Chat
Topics · Post Article

To: TexasGator

So it appears you have no credentials and that’s ok.

You did copy and paste an anonymous blog, which was likely your high point in this conversation.

😂


50 posted on 01/06/2025 5:45:53 PM PST by aMorePerfectUnion (🦅 MAGADONIAN ⚔️ LIFE )
[ Post Reply | Private Reply | To 47 | View Replies ]


To: aMorePerfectUnion

Wiki:

Criminal conviction
In 1999, Japanese fraud investigators accused Armstrong of collecting money from Japanese investors, improperly commingling these funds with funds from other investors, and using the fresh money to cover losses he had incurred while trading.[13] United States prosecutors called it a three-billion-dollar Ponzi scheme.[14] Allegedly assisting Armstrong in his scheme was the Republic New York Corporation, which produced false account statements to reassure Armstrong’s investors. In 2001, the bank agreed to pay US$606 million as restitution for its part in the scandal.[14]

Armstrong was indicted in 1999 and ordered by Judge Richard Owen to turn over fifteen million dollars in gold bars and antiquities bought with the fund’s money; the list included bronze helmets and a bust of Julius Caesar.[15][16] Armstrong produced some of the items but claimed the others were not in his possession; this led to several contempt of court charges brought by the SEC and the CFTC, for which he served seven years in jail until he reached a plea bargain with federal prosecutors.[17][18][19] Under the terms of the agreement, Armstrong admitted to deceiving corporate investors and improperly commingling client funds—actions that according to prosecutors resulted in commodities losses of more than seven hundred million dollars—and was sentenced to five years in prison.[20][15]

He was released from federal custody on 2 September 2011 after serving a total of eleven years behind bars.[21][22]

The case against Armstrong was finally closed in 2017, with the distribution of about $80 million to claim holders by the receiver, according to court filings.[23] Armstrong appealed the refusal of the receiver to transport his remaining possessions from storage lockers in New York and Pennsylvania to him in Florida, but the appeal failed in 2019. Concerning his felony conviction, Armstrong is “unrepentant”, according to Bloomberg.[1]


51 posted on 01/06/2025 5:48:22 PM PST by TexasGator (/|1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 50 | View Replies ]

To: aMorePerfectUnion

“You did copy and paste an anonymous blog, which was likely your high point in this conversation.”

You are an anonymous blog poster. The highlight of your life?


72 posted on 01/06/2025 6:42:03 PM PST by TexasGator (1/|1211i.11'1/'1/11111)
[ Post Reply | Private Reply | To 50 | View Replies ]

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson