For those who have wondered what happened to Norman Hsu, here your answer. Norman was indicted today in New York on 15 counts of duping investors with a nationwide Ponzi scheme. Where do the Clintons find these people. Check out the the news, starting with Michelle Malkin - Norman Hsu indicted in NY:
Just in from AP:A federal grand jury on Tuesday indicted Norman Hsu, a top Democratic fundraiser accused of cheating investors of at least $20 million and using some of the money to make illegal donations to political campaigns.
In the 15-count indictment returned in U.S. District Court in Manhattan, the government accused the 56-year-old clothing-industry entrepreneur of duping investors nationwide with a massive Ponzi scheme.
The Hillary Clinton campaign was too busy digging through Barack Obama’s homework to respond.
***
More: Here’s the indictment (PDF).
Excerpts:
The campaign finance fraud counts:
And a demand that Hsu forfeit several items, including a sax from Billy Boy and some bottles of wine…
FOXNews.com - Democratic Fundraiser Norman Hsu Indicted on Federal Fraud Charges:
USA Today - Dem fundraiser Norman Hsu indicted:A federal grand jury on Tuesday indicted Norman Hsu, a top Democratic fundraiser accused of cheating investors of at least $20 million and using some of the money to make illegal donations to political candidates including Hillary Rodham Clinton.
In the 15-count indictment returned in U.S. District Court in Manhattan, the government accused the 56-year-old clothing-industry entrepreneur of duping investors nationwide with a massive Ponzi scheme.
The government said Hsu also violated federal campaign finance laws by making contributions to various political candidates in the names of others.
Federal prosecutors said Hsu hoped his lavish contributions to campaigns would raise his public profile and convince more people to invest in his fraudulent financial scheme. To achieve his aims, prosecutors said, Hsu pressured many of his victims to contribute thousands of dollars to various candidates for president and Congress.
The indictment said Hsu from 2000 through August 2007 convinced his victims to invest at least $60 million in companies that supposedly extended short-term financing to businesses.
It said Hsu used the money instead to further his fraudulent aims, sometimes paying the large interest gains he had promised to those who had invested earliest in the scheme. Prosecutors said he eventually cheated the investors out of at least $20 million.
He faces six counts of mail fraud, six counts of wire fraud and three counts of violating the Federal Election Campaign Act.
If convicted, he faces a maximum penalty of 20 years in prison on each of the mail and wire fraud charges, and five years on each of the federal campaign finance charges. He also could face millions of dollars in fines.
Hsu is in custody in California on unrelated charges and was expected to appear in federal court in Manhattan in several weeks, prosecutors said.
A message left with a lawyer for Hsu was not immediately returned.
A federal grand jury on Tuesday indicted Norman Hsu, a top Democratic fundraiser and former fugitive accused of cheating investors of at least $20 million and using some of the money to make illegal donations to political candidates including Hillary Rodham Clinton.I can't wait to see how this comes out, what will Norman do to say out of jail, or will Hillary and the forces of evil get to him even in jail. Sphere: Related ContentIn the 15-count indictment returned in U.S. District Court in Manhattan, the government accused the 56-year-old clothing-industry entrepreneur of duping investors nationwide with a massive Ponzi scheme.
The government said Hsu also violated federal campaign finance laws by making contributions to various political candidates in the names of others. A message left with a lawyer for Hsu was not immediately returned.
USA TODAY ARCHIVE: Hsu case sheds light on blind donors in raceFederal prosecutors said Hsu hoped his lavish campaign contributions would help draw money to his scheme by raising his public profile. To achieve his aims, prosecutors said, Hsu pressured many of his victims to contribute thousands of dollars to various candidates for president and Congress.
|