Martin A. Armstrong
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Martin Armstrong, former chairman of Princeton Economics International Ltd., and now prisoner #12518-050 at the Metropolitan Correctional Center in lower Manhattan. He was indicted in 1999 on criminal securities fraud by the U.S. Attorney for the Southern District of New York, and released on a $5 million bond. He has been accused not of theft, but of misleading clients about financial losses and using new funds to mask those losses. In January 2000, when he failed to hand over corporate files and assets to the court-appointed receiver for his companies, he was charged with civil contempt and incarcerated in the high-rise prison a few blocks from the World Financial Center. He and his two offshore companies, Princeton Economics International and Princeton Global Management Ltd., were also slapped with civil suits filed by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Known for his analytical models of market timing, it’s worth noting that Armstrong’s cycles-based models have had some spectacular successes. He may now be mocked in the media as a peacocky market predictor who guessed wrong about his own life’s work in a big way, but he called the high of the Japanese Nikkei in 1989 months ahead of time—the Nikkei peaked the last week of December as he said it would, then crashed like a tsunami, casting off 40 percent of its value in a matter of weeks. (This was the reason for his close ties to Japan’s Ministry of Finance and why Japanese corporates clamored to attend his conferences and buy his Princeton Notes.) More recently, and again months ahead of time, Armstrong predicted the July 20, 1998, high in the U.S. equities market—to the day. After that morsel of prognostication, claims one source, the CIA called Princeton, wanting to know how the Institute’s proprietary models worked. Needless to say, Armstrong rebuffed them.
Indeed, he predicted the Feb 27 2007 fall off of Global market ahead of time in his 1999 article hereby attached. http://www.contrahour.com/contrahour/2006/06/martin_armstron.html
In his own words: There are additional conspiracy charges and new information about the markets being rigged. “You will no doubt try to portray me as some greedy thief who is secreting assets,” he writes. “I am 50 years old and they threaten me with 25 yrs. I wouldn’t live to enjoy any assets. If I had them, I would turn them over because I could earn more than enough outside to hire a 1st class defense. That they will never permit.” Switching tacks, he continues: “I am the guy who knows all the dirty little secrets and how the SEC and CFTC will never go after the big boys because it will destroy much of Wall Street if the truth ever gets out. They want the average person to believe the markets are fair and safe because they regulate them.”
