Part 2.

Crook  of the Month: Martin Armstrong

Martin Armstrong: Miserable Trader and Former Ponzi scheme Operator Lies about His Terrible Track Record.
He claims to have been “self-taught”. I suppose he taught himself how to cheat investors because he certainly never learned how to trade commodities, as evidenced by the massive trading losses he suffered.

The district court sentenced Armstrong to sixty months imprisonment and three years supervised release, and ordered him to pay $ 80 Mio in restitution to sixty defrauded customers.

As part of his guilty plea, Armstrong entered a sworn allocution admitting to and describing his crime. In his allocution, Armstrong admitted that between 1992 and 1999, he sold promissory notes issued by Princeton Economics subsidiaries (“Princeton Notes”) to investors, mostly Japanese corporations.
Armstrong through his agents, represented to the investors that the proceeds from the sale of the Princeton Notes would be held in accounts at Republic New York Securities and that those accounts “would be separated and segregated from Republic’s own accounts and would not be available to Republic for its own benefit.”
According to Armstrong’s allocution, after he suffered “some millions of dollars of trading losses”, he decided “not to disclose to investors that ….  Substantial losses had been experienced in this trading of futures. And we did not disclose it.” Armstrong also admitted that his concealment of his losses went beyond non-disclosure: “letters were sent by my company to investors concerning how much money was in fact in the accounts assigned to them. I … did send out those letters, even though  I knew the amounts in the accounts were less than the letter stated.”

You wan't to send him money. Go ahead!