Martin Armstrong received a five year sentence this week for his role in defrauding clients of his firm, Princeton Economics International, out of millions of dollars. Armstrong will also pay $80 million in restitution to the victims of his ponzi-style scheme. Armstrong had already been in jail based on a civil contempt order from 2000 relating to his failure to turn over Princeton's assets.

Armstrong's lengthy jail time on the civil contempt charge adds an extra layer of interest to the case as there is apparently no limit to the amount of time he could be forced to remain incarcerated on the contempt charge. Moreover, his fraud sentence will not actually begin until he finishes serving his time for contempt. Quite the pickle, and one that has found Armstrong some support, despite his crimes.

Further details on Armstrong's sentencing and fraudulent activities can be found at the White Collar crime Prof. Blog.

-- MDT

Labels: Fraud, Martin Armstrong