Securities Law Prof Blog

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

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Friday, September 21, 2007

Prosecutors Say Hsu Ran Ponzi Scheme

Federal prosecutors charge that Norman Hsu, the Democratic fund raiser, engaged in a classic Ponzi scheme, raising over $60 million from investors over four years.  He allegedly told investors the money was being used to obtain letters of credit for imaginary manufacturers and importers of high-end fashion from China.  The complaint also alleges that he pressured some of his investors to make political contributions.  NYTimes, Complaint Says Hsu Admitted Fraud; WSJ, Hsu Is Accused of Ponzi Scheme.

http://lawprofessors.typepad.com/securities/2007/09/prosecutors-say.html

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