Seven-Year Contempt Confinement Ends
Posted Apr 30, 2007 7:50 AM CDT
By Debra Cassens Weiss
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.).