Securities and Exchange Commission filed a civil suit yesterday against Mr. Armstrong and Princeton Economics alleging securities fraud. The judge in the case froze the assets of both Mr. Armstrong and Princeton Economics and appointed a receiver for the company. The Commodity Futures Trading Commission also filed a complaint alleging that Mr. Armstrong defrauded customers through material misrepresentations. Neither Mr. Armstrong nor his firm were registered as commodity trading advisers, as is required.
Ms. White said, in a statement: ''This case should send the clear and concise message that those who commit securities fraud in the United States, even if they use offshore entities and victimize foreign investors, cannot escape responsibility for their actions.''
http://www.nytimes.com/1999/09/14/business/investment-manager-faces-us-charge...
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