Securities Law Prof Blog

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

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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