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Norman Hsu Indicted
Will this federal indictment in New York shake loose whatever plea deal Hsu's legal team has been "researching" ever since winning a postponement of the California proceedings?
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 government said Hsu also violated federal campaign finance laws by making contributions to various political candidates in the names of others.
Via Michelle, here's a copy of the indictment (pdf).
Handcrafted by Flip on December 4, 2007 |
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Comments
An interesting article in the LA Times. Hopefully this kind of reporting will keep the Clinton-Hsu connection fresh. “Documents obtained by the Los Angeles Times show how Hsu's business associates traded on his connections -- going so far as to claim that former President Clinton was a Hsu client -- to lure investors into a scheme that took in tens of millions of dollars nationwide. A marketing brochure distributed by an Orange County firm to attract investors to Hsu's business claimed the 56-year-old Hong Kong native's "extensive political investment community includes former President Bill Clinton, who continues to invest to this day." Howard Wolfson, a Clinton spokesman, denied that the former president had invested with Hsu. And Sen. Clinton's financial disclosure statements show no investments or income from Hsu for her or her husband. Still, as a marketing tactic, the claim may have worked all too well: A Southern California couple recently filed a lawsuit saying they lost more than $3 million in a Hsu-run Ponzi scheme -- based in part on the brochure's promises.” http://www.latimes.com/business/la-na-hsu3dec03,1,6308602.story?ctrack=1&cset=truePosted by: Marmot | Dec 5, 2007 7:38:35 PM
