**Release:
    ����������������
    #4312-99 (99-Civ 9669)(RO)
     For Release:
    ����������September 14,
    1999**

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CFTC OBTAINS ASSET FREEZE AND APPOINTMENT OF A RECEIVER IN CIVIL
    INJUNCTIVE ACTION FILED AGAINST PRINCETON GLOBAL MANAGEMENT LTD., PRINCETON
    ECONOMICS INTERNATIONAL LTD., AND MARTIN A. ARMSTRONG

CFTC Complaint Alleges Fraud and Failure to Register Against
    Commodity Pool Operators and Commodity Trading Advisors

WASHINGTON -- The Commodity Futures Trading Commission (CFTC)
    announced the filing of an enforcement action in U.S. District Court for
    the Southern District of New York against Princeton Economics
    International Ltd. (PEI) of Princeton, New Jersey; its wholly owned
    subsidiary Princeton Global Management Ltd. (PGM), which has an
    address in the Turks and Caicos Island, British West Indies; and their
    chairman Martin A. Armstrong, who resides in Maple Shade, New
    Jersey.

The CFTC civil action, filed on September 13, 1999, alleges that the
    defendants defrauded customers by misrepresenting the value of customer
    interests in a commodity pool in connection with an investment scheme
    involving the trading of commodity futures and the operation and management
    of the commodity pool.

Shortly after the action was filed, the court entered an order freezing
    all of the defendants' assets pending a hearing on the request for a
    preliminary injunction. The court's order also appoints a temporary
    receiver with the power to, among other things, take immediate possession,
    custody, and control of all assets and property and the books and records
    of PEI and PGM and take all steps necessary to secure and protect the
    assets and property of PEI and PGM. A hearing on the CFTC's motion
    seeking a preliminary injunction is scheduled to be held before Judge
    Richard Owen on Tuesday, September 21, 1999.

Specifically, the CFTC complaint alleges that, from at least 1996 until
    the present, the defendants sold billions of dollars worth of fixed-term
    promissory notes issued by PEI and its subsidiaries to companies located in
    Japan. The principal amount of the notes has been used, according to the
    complaint, to fund the purchase of derivative instruments, bonds and/or
    currencies, including futures contracts and options (collectively, "the
    Fund"). Armstrong is the Fund's primary trading advisor. The assets of
    the Fund were held at a futures commission merchant (FCM) in sub-accounts
    for the purpose of trading futures contracts and options, according to the
    complaint. Since 1996, Armstrong allegedly arranged for the FCM to issue
    over 200 letters to PGM, which inflated the Net Asset Value of the assets
    held in those sub-accounts and which Armstrong and PGM then transmitted to
    customers in Japan. The complaint alleges that the current principal amount
    of outstanding notes is approximately one billion dollars, while the assets
    currently in the Fund total no more than approximately $46 million
    dollars.

The CFTC appreciates the assistance and coordination of the Office of
    the U.S. Attorney for the Southern District of New York and the Securities
    and Exchange Commission, both of which also filed related actions, and the
    Japanese Financial Supervisory Authority in this matter.

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