Posted on 09/20/2007 3:13:02 PM PDT by neverdem
Norman Hsu Also Charged With Committing Campaign Finance Crimes
Democratic fundraiser Norman Hsu confessed to federal agents that he orchestrated a massive fraud scheme and pressured his investors into donating money to political candidates, according to a criminal complaint unsealed by the Justice Department today.
The U.S. attorney for New York's southern district today filed the criminal charges against Hsu for allegedly putting together the $60 million pyramid fraud scheme and committing related federal campaign finance crimes.
The complaint against Hsu alleges that he took money from a broad group of investors in California, New York and New Jersey, always under the pretense of running a clothing import business. In fact, the complaint alleges, there never was an import business. Money from each new investor was merely being used to pay off previous ones, in what the FBI called a "classic Ponzi scheme."
"Hsu then waived his Miranda rights and admitted to the FBI agents that he used Components Ltd. and Next Components Ltd."--two of his companies--"for 'phony' deals," according to the complaint. "Hsu also admitted that the phony deals involved investments in the sale and distribution of items that did not actually exist, and that he used money he obtained from newer investors to pay initial investors."
The charging documents state that Hsu also "admitted that he made implied threats to his investors to pressure them to contribute to political candidates he supported."Hsu is scheduled to return to California, possibly as early as today, to face sentencing for a conviction 15 years ago in a separate -- but nearly identical -- fraud scheme. His flight before sentencing in that case became public last month after he gained prominence as one of the most prolific "bundlers" of campaign contributions for Sen. Hillary Rodham Clinton's (D-N.Y) presidential bid. Clinton this month...
(Excerpt) Read more at washingtonpost.com ...
N.B. No page is indicated. That is not WaPo's custom. This duo had another frontpage story, i.e. page A01, today on fund raising: Past Clouds Candidates' Donor Lists
So now no one considers charging him with illegal laundering of (Chinese) money?! It was just fraud?!
Oh, please...
“How do you know who has skeletons and who does not?” said Lanny Davis, who as special counsel to Bill Clinton handled campaign finance issues for him from 1996 to 1998. “Let’s face it: Campaign organizations are not ‘CSI’ — not even close — even if they’d like to be.”
They are now, Lanny.
LOL!
Lol BUMP!!
And I suppose there is no connection to the Clinton’s or the DNC. HSU just did all of this in a vacuum because he wanted to.
.
LOL!
link works too
Lol, Did you doubt my expertise??
-
URL
Why, are you moving things around?? heh!
.
patch
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.