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[RT] R: Jailed Market Guru To Defend Himself



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<DIV><FONT color=#000000 size=4>Well, Here we are: justice in the land of the 
free. I bet no-one would have complained if he had turned the 3 billion into 5 
billion - even if he had used &quot;underhand methods&quot;.</FONT></DIV>
<DIV><FONT color=#000000 size=4></FONT><FONT size=4>Gram.</FONT></DIV>
<BLOCKQUOTE 
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
    <DIV><FONT face=Arial size=2><B>--</B><BR><B>Oggetto: </B>[RT] Jailed Market 
    Guru To Defend Himself<BR><BR></DIV></FONT>
    <DIV><FONT face=Arial>
    <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></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Thu Apr 27 10:44:53 2000
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Date: Wed, 26 Apr 2000 16:57:44 -0400
Subject: [RT] Gen:  Get Run Statistics
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Status:  O

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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