The 58 rare coins at the center of two federal lawsuits are exceptionally valuable. Now a bankrupt company’s receiver wants them. And an antique dealer wants them. And so does Martin Armstrong, a self-taught economist with a cult following.
And so does Martin Armstrong, a self-taught economist with a cult following who spent years behind bars for what the U.S. said was a $700 million Ponzi scheme and for allegedly hiding assets, including what may be those very same coins.
Armstrong later spent another five years behind bars after pleading guilty to conspiracy. He wasn’t released until 2011, when he returned home to southern New Jersey and began holding conferences for his followers. In 2017, Armstrong, a lifelong collector, learned that Heritage planned to auction the coins, and he claimed them as his own. In turn, the Antoniaks sued Armstrong, saying they’d never heard of him before he sought possession and asking the court to declare them the rightful owners. Armstrong then filed his own suit in Pennsylvania.
Armstrong admitted that he didn’t give the coins to an Australian business partner but instead hid them and others “in a secret compartment in the basement of his mother’s home, explaining, in his words, that they had been ‘taken off the books,’” in anticipation of his firm’s initial public offering, Cohen wrote in a brief.
On Thursday, U.S. District P. Kevin Castel in Manhattan heard arguments in the receiver’s action for control of the coins, which are being held by the auction house. The receiver says it’s no coincidence that the coins surfaced around the same time in 2017 that he was seeking to end his years-long litigation against Armstrong.
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