Dem Donor Gets 3 Years for Grand Theft

Former fugitive will face Ponzi scheme charges in NY
By Kevin Langbaum,  Newser User
Posted Jan 4, 2008 9:14 PM CST
Norman Hsu prepares to surrender in this Friday, Aug. 31, 2007 file photo as he arrives at a San Mateo County Superior Court in Redwood City, Calif. Hsu was sentenced Friday, Jan. 4, 2008, to three years...   (Associated Press)
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(Newser) – More than 15 years after pleading no-contest to grand theft charges, Democratic fundraiser Norman Hsu was sentenced in California to 3 years in prison today, the San Francisco Chronicle reports. A judge dismissed Hsu's argument that he was denied the right to speedy justice because authorities made little effort to find him during his fugitive years. Hsu's lawyer plans to appeal the ruling.

Hsu will be transferred to federal custody in New York to face fraud charges regarding an alleged Ponzi scheme. In California, his $2 million bail money will be split evenly between federal authorities and victims of the 1991 grand theft case, in which Hsu swindled investors of $1 million to market non-existent latex gloves. “It is said that justice delayed is justice denied," a prosecutor said. "Not this time.”