Corrections or additions?
This articles by Barbara Fox were published in U.S. 1 Newspaper on
September 15, 1999. All rights reserved.
Legal Troubles: Martin Anderson
Three Princeton area companies find themselves in
trouble with the law. In the most serious trouble is Martin Armstrong,
the Carnegie Center-based economic forecaster who brought in ex-prime
minister Margaret Thatcher to keynote a 1996 conference. On Monday,
September 13, he was charged with federal securities fraud for
covering up trading losses of as much as $950 million in Japanese
Meanwhile former students of Cittone Institute are suing because the
school suddenly closed its Canal Pointe campus and did not fully
refund tuition. And S.T. Monforte Robotics, with stores on Routes 206
and 33, is one of five New Jersey companies accused of selling
counterfeit Microsoft software.
Armstrong, 49, was released on $5 million bail; if convicted, he could
serve up to 10 years in prison and be fined twice the value of the
alleged losses. His lawyer, Mark Durand of the Philadelphia-based
Durand and Durand, says he will fight the charge.
Armstrong directs Princeton Economics International at 214 Carnegie
Center, listed as a financial advisory service. Princeton Economics
Institute, a sister firm, distributes a newsletter for the futures
market, "The Armstrong Report," among other publications.
Armstrong is also involved with the Foundation for the Study of
founded in 1940 with the mission of forecasting economic catastrophe.
Armstrong is accused of using "offshore entities to sell $3
in securities to Japanese investors, of which a large portion were
sold even while he concealed the fact that he had suffered hundreds
of millions of dollars in trading losses."
This investigation began last May when Japanese authorities audited
the books of Armstrong’s Japanese company, Cresvale. Ten years ago,
when Armstrong was fined $12,000 by the Commodity Futures Training
Commission for misrepresenting hypothetical performance results and
omitting required disclaimers, he spent $1 million and 10 years to
take it to the United States Supreme Court, and lost.
The suit against Cittone Institute and its parent, Lincoln Technical
Institute, was filed in Mercer County Court by 42 of the 200 students
enrolled when the Canal Pointe location suddenly closed in August
1998. Students were told to travel to Edison or Mount Laurel and were
reimbursed for the portion of the courses they had not completed.
The students seek damages for tuition costs plus court expenses.
Microsoft has recently begun to publicize its piracy hotline
says a customer service representative on that line. To follow up
on complaints — which are sometimes made by competitors —
Microsoft sends two investigators to make purchases to confirm that
Windows purchasers receive a manual, a certificate of authenticity,
and registration card.
Responding to the Microsoft suit, Mathew Monforte, the owner of S.T.M.
Robotics, claims that his salesperson may simply have picked up a
wrong copy of the software, one that was packaged to be installed
on a computer. "It costs the same amount. One has letters on the
front and one doesn’t." Another possibility, he says, is that
he received "a couple of bad copies of software" from a
"We are not an authorized detection center. We’re a middle
says Monforte. "I buy thousands of parts from hundreds of dealers.
We made no profits last year; the world’s biggest company is bouncing
on the smallest companies."
— Barbara Fox
08540-1517. Stephen Fleischacker, vice president. 609-688-9792; fax,
This environmental engineering firm expanded in July by moving from
Yardley and opening a 4,500-foot, 14-person office in Research Park.
For Fortune 100 clients it does environmental engineering, management,
and litigation support in the areas of soil, water, and air pollution.
Based in Mt. Arlington, New Jersey, the firm has 12 offices, most
on the East Coast.
East, Princeton 08540. Clive Samuels, president. 609-520-1600; fax,
The 80-person engineering firm moved from 10,000 square feet at 2
Research Way to 18,000 feet at 105 College Road. Its consultants do
mechanical and electrical engineering and automatic controls and
designs for commercial, industrial, and retail facilities.
Lawrence Shopping Center, Lawrenceville 08648. Ellen Scanella, trade
manager. 609-883-5488; fax, 609-883-3642.
The paper superstore has moved from its Darrah Lane location adjacent
to Triangle — Your Creative Center to Lawrence Shopping Center.
It features products for desktop publishing, copiers, and laser and
ink jet printers.
4 and 5, Monmouth Junction 08852. Ven Iyer, president. 732-329-8282.
Princetonian Graphics has moved north on Route 1, from Princeton
Service Center to Stouts Lane. Although it has a new phone and fax,
the former numbers still work. A printer, it offers in-house graphics
design, typesetting, diecutting, thermography, and single-color to
of Nini Chrysler Plymouth and of Narrowbrook Farm, a horse breeding
farm in Robbinsville.
Cyanamid on Route 1, on September 11. A memorial service will be
Friday, September 17, at 3 p.m. at the Princeton University Chapel.
township committeeman in Princeton Township, on September 11. The
funeral will be Saturday, September 18, at 1 p.m. at Witherspoon
Street Presbyterian Church.
in 1993 from Applied Data Research, where she had been an executive
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