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July 6, 2008 8:13:28 AM CDT

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Feds to Charge Hsu on Pyramid Scheme, Dem Fundraising

Posted Sep 20, 07 11:15 AM CDT in Politics,  US    Editor's Choice

(Newser) – Rogue Democratic fundraiser Norman Hsu’s troubles are deepening today, as federal officials are expected to charge the twice-on-the-lam financier with running a $60 million pyramid scheme and breaking campaign-finance laws. Hsu faces accusations that he falsely told investors their money was going into a clothing operation; some of was allegedly routed to political candidates, the Wall Street Journal reports.

Alleged violations of campaign finance laws may be in relation to earlier Journal reports of suspicious bundling of contributions from unlikely donors. Hsu is in custody after having fled a court appearance in California relating to a 1992 conviction on fraud charges.  Most recently, a private-equity firm says $40 million it invested with Hsu over the past three years has gone missing.

Source Wall Street Journal

Norman Hsu prepares to surrender as he arrives with spokesman, Jason Booth, upper left, at a San Mateo County Superior Court in Redwood City, Calif., Friday, Aug. 31, 2007. The saga of the scandal-plagued...   (Associated Press)
Norman Hsu smiles at an unidentified supporter, left, as he arrives at a San Mateo County Superior Court in Redwood City, Calif., Friday, Aug. 31, 2007. Hsu, a top Democratic fundraiser wanted as a fugitive...   (Associated Press)
Norman Hsu prepares to surrender, as he is followed up unidentified attorney, left, as he arrives at a San Mateo County Superior Court in Redwood City, Calif., Friday, Aug. 31, 2007. Hsu, a top Democratic...   (Associated Press)
Norman Hsu prepares to surrender as he arrives at a San Mateo County Superior Court in Redwood City, Calif., Friday, Aug. 31, 2007. The saga of the scandal-plagued Democratic fundraiser with ties to Sen....   (Associated Press)
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