Forecaster Ordered to Turn Over Valuables

A federal judge, in an attempt to recover assets of investors who were bilked out of about $1 billion, ordered renowned market forecaster Martin A. Armstrong to produce $16 million worth of gold bars and rare antiquities. Armstrong, 50, founder of Princeton Economics International, violated a court order to turn over the valuables to a court-appointed receiver, Judge Richard Owen in U.S. District Court in Manhattan ruled. The judge ordered him to produce them by Tuesday at 3 p.m. Prosecutors believe Armstrong has 102 bars of gold, a $750,000 bust of Julius Caesar, hundreds of rare coins, a bronze helmet and other antiquities. In addition, Armstrong’s ex-girlfriend, Tina Mustra, testified that she helped Armstrong remove company records from their Princeton, N.J., offices shortly before they were raided in September by FBI agents. Armstrong, who is free on a $5-million bond, had no comment following the hearing, but his attorney Lawrence S. Feld said, “Mr. Armstrong has authorized me to say that he will turn over whatever is in his possession.” Armstrong has pleaded innocent to charges of fraud brought by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the U.S. attorney.