The unprecedented length of disgraced financier Martin Armstrong’s confinement for civil contempt did not violate the law, the 2nd U.S. Circuit Court of Appeals ruled Monday.
Addressing several novel issues of law, the circuit upheld the decision of Southern District of New York Judge Richard Owen to keep Armstrong behind bars until he obeyed a court order to turn over millions of dollars in valuables sought by a receiver overseeing the assets left over from the implosion of Armstrong’s Princeton companies.
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