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<H3><FONT size=1>Jailed Market Guru To Defend Himself</FONT></H3>
<P><FONT size=1>By NOELLE KNOX, AP Business Writer </FONT></P>
<P>
<P><FONT size=1>NEW YORK (AP) -- Famed market forecaster Martin Armstrong will
be allowed to defend himself against securities fraud charges, a ruling that has
some wondering if he can get a fair trial. </FONT>
<P><FONT size=1>In a closed hearing Monday, U.S. District Judge Richard Owen
ruled that Armstrong, who has no formal legal training, will be allowed to
represent himself in court against accusations by U.S. regulators that he
defrauded Japanese investors out of $1 billion. </FONT>
<P><FONT size=1>However, Armstrong is in a cell in the Metropolitan Correctional
Center in New York for contempt of court, his assets have been frozen and he has
no money to pay a lawyer to help him in the civil case. </FONT>
<P><FONT size=1>''Given his circumstances, he is in a very difficult position.
It is a very complex case and it is going to be very difficult for him to
prepare for a trial,'' said Martin Unger, the lawyer who represented Armstrong
until this week. </FONT>
<P><FONT size=1>Unger withdrew from the case because of disagreements with
Armstrong and because Armstrong couldn't pay him. </FONT>
<P><FONT size=1>Armstrong, who founded Princeton Economics International,
allegedly sold $3 billion worth of securities to Japanese companies, pledging to
repay them with interest. Instead of putting the money in conservative bonds as
promised, he made risky bets on currencies and other investments. </FONT>
<P><FONT size=1>Faced with mounting losses, he tried to hide the truth from
investors by giving them false account statements, said authorities, who raided
his offices last September. Armstrong repaid $2 billion, but still owes $1
billion. </FONT>
<P><FONT size=1>He is being sued civilly by the Securities and Exchange
Commission and the Commodity Futures Trading Commission, and in a separate
criminal case by the U.S. attorney's office. </FONT>
<P><FONT size=1>Armstrong has pleaded innocent and blames executives at Republic
Bank (recently acquired by HSBC), where the funds were held. </FONT>
<P><FONT size=1>The judge has maintained that Armstrong can get out of prison
anytime he wants by handing over the missing documents and valuables. </FONT>
<P><FONT size=1>Armstrong, however, said in the interview, ''I'm in here to keep
me quiet. ... I will never receive a fair trial before Judge Owen. There's a
hidden agenda going on here.''</FONT></P></FONT></DIV></BODY></HTML>
</x-html>From ???@??? Thu Apr 27 09:06:44 2000
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Date: Wed, 26 Apr 2000 16:57:44 -0400
Subject: [RT] Gen: Get Run Statistics
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From: Ronald McEwan <rmac@xxxxxxxx>
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Status:
I also recently finished a Probability Density Function (PDF) study of
the 1, 2, 4 & 8 day returns on the OEX from 1/2/98 to 4/24/2000. This
shows you the negative skew very well.
Ron
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