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.
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