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FRIDAY, NOVEMBER 27, 2009
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Former Clinton Backer Charged in $60M Scam

Also indicted on election law crimes; could get 20 years

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(Newser) – Shadowy fundraiser Norman Hsu was charged in New York today with running a $60 million "Ponzi" scam, Bloomberg reports. A grand jury also indicted him for mail fraud, wire fraud, and breaking election laws; he could get 20 years on some counts. In the "Ponzi" scheme, the former Hillary Clinton backer is accused of rolling over investments and pushing investors to back candidates he liked.

Currently held in California, Hsu has already pleaded no contest there to charges of bilking latex glove investors of $1 million; he was indicted in 1991 but nabbed only last year. Prosecutors expect he will be sent to New York "in the coming weeks" to face today's charges, the Washington Post reports.

Norman Hsu is escorted into a Redwood City, Calif., courtroom, Friday, Sept. 21, 2007. Jilted investors who sunk $63 million into Hsu's alleged Ponzi schemes are competing for whatever financial crumbs they can shake from the disgraced Democratic fundraiser. At the same time, state and federal prosecutors are wrangling over...
Norman Hsu is escorted into a Redwood City, Calif., courtroom, Friday, Sept. 21, 2007. Jilted investors who sunk $63 million into Hsu's alleged Ponzi schemes are competing for whatever financial crumbs...   (Associated Press)
Norman Hsu prepares to surrender as he arrives at a San Mateo County Superior Court in Redwood City, Calif., Aug. 31, 2007. Hsu, the jailed Democratic fundraiser who spent 15 years on the lam before finally being caught, will seek his freedom next week by arguing that government authorities made...
Norman Hsu prepares to surrender as he arrives at a San Mateo County Superior Court in Redwood City, Calif., Aug. 31, 2007. Hsu, the jailed Democratic fundraiser who spent 15 years on the lam before finally...   (Associated Press)
This undated photo, released by the San Mateo County Jail, shows Norman Hsu. A federal grand jury on Tuesday, Dec. 4, 2007, indicted Hsu, a top Democratic fundraiser accused of cheating investors of at least $60 million and using some of the money to to make illegal donations to political...
This undated photo, released by the San Mateo County Jail, shows Norman Hsu. A federal grand jury on Tuesday, Dec. 4, 2007, indicted Hsu, a top Democratic fundraiser accused of cheating investors of...   (Associated Press)
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