Seven-Year Contempt Confinement Ends

After spending seven years in jail for contempt of court, investment adviser Martin Armstrong is free to begin serving a five-year sentence for conspiracy to commit securities, mail and wire fraud.

A federal judge has ruled the jailing for failure to turn over almost $15 million in assets has lost its coercive effect, the New York Law Journal reports. Armstrong says he doesn’t have the assets.

Armstrong pleaded guilty last year to a role in defrauding Japanese investors of more than $700 million, the legal newspaper says.

Here is Wall Street Journal coverage (sub. req.).

We welcome your comments, but please adhere to our comment policy and the ABA Code of Conduct.

Commenting is not available in this channel entry.