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.