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U.S. v. Norman Hsu

Former Democratic Fundraiser's Federal Indictment
Accusing Him of Scheming to Defraud Investors
Out of Millions of Dollars

November 27, 2007

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  • White Collar Crime
  • Hsu's Original Charges
  • Norman Hsu, a former high-level Democratic fundraiser, was indicted by a federal grand jury in New York. He is accused of defrauding and swindling investors "out of at least $20 million," and pressuring "many of his victims to individually contribute thousands of dollars to various" Democratic candidates for President, U.S. Senate, and House seats.

    According to the indictment, from 2005 through 2007, Hsu allegedly violated federal campaign finance laws by directly reimbursing the victims he swindled "for their [political] contributions from his fraud proceeds."

    The indictment accuses Hsu of misleading "victims by telling them that they could make a signficant amount of money by investing in his businesses" and making "false promises of guaranteed high rates of return on investments in the short term."

    Some of the items that federal prosecutors want to seize from Hsu's Soho loft in New York include a saxaphone autographed by former President Bill Clinton, and "various bottles of wine and champagne located" in his apartment.

     

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