Former Clinton Backer Charged in $60M Scam

Also indicted on election law crimes; could get 20 years
By Neal Colgrass,  Newser Staff
Posted Dec 4, 2007 6:08 PM CST

(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. (Read more scam stories.)

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