Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, September 13, 2007

Investors Worry About Investment with Hsu

A private equity fund representing 100 investors that invested $40 million through Norman Hsu, the Democratic fund-raiser, now fear the money may be gone.  Checks from Mr. Hsu were returned for insufficient funds.  The Manhattan DA is investigating.  Hsu was previously convicted of running a Ponzi scheme.  NYTimes, Investors Fear Fund-Raiser Took $40 Million .

http://lawprofessors.typepad.com/securities/2007/09/investors-worry.html

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Comments

Norman Hsu got on a chartered jet with his passport. Typed a suicide letter and sent it to numerous charities and acquaintances, then boarded a train in order to have some much needed privacy for hsuicide.

Pretty much a textbook suicide case so far...

Just a few points about the missing 40 million...

1. Hsu told Source Financial the money was to manufacture clothes for Gucci & Prada in China. Neither company manufactures any items in China, ever.

2. Source Financial never noticed that Hsu's businesses didn't exist before loaning him money. They also failed to check his background, or look for a factory in China connected to Hsu.

3. Source Financial was accepting checks post dated by 135 days as payment on their huge loans to Hsu.

4. Source Financial employees are also big Hillary donors.

5. Hillary set aside 1 million dollars of taxpayer money for a "Woodstock" museum. The head of Source Financial was a major Woodstock promoter and also a long time Clinton friend.

6. It took 2 weeks for the head of Source Financial to realize there might be some kind of connection between his company, Clinton, and Hsu.

7. One of the recipients of Hsu's suicide note googled the term "Hsu Suicide" BEFORE anyone knew where he was or what he was doing - according to Michelle Malkin.

These are just a few of the latest strange facts in this case.

Posted by: michael | Sep 13, 2007 8:14:20 AM

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