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 Thursday, September 20, 2007 |
Democratic fundraiser charged with fraud, campaign finance violations
Alexis Unkovic at 4:03 PM ET
[JURIST] Disgraced Democratic fundraiser Norman Hsu [Wikipedia profile] has been charged [press release, PDF] by federal prosecutors in New York with fraud for alleged campaign finance law violations, according to a criminal complaint [PDF text] unsealed Thursday. Hsu allegedly created a massive Ponzi scheme [SEC backgrounder], resulting in more than $60 million of illicit gains, and illegally made campaign contributions in other peoples' names in violation of the Federal Election Campaign Act [text]. Hsu formerly raised funds for political candidates, including Sen. Hillary Clinton. Earlier this month, Clinton agreed [Chronicle report] to return $850,000 she received from Hsu.
The FBI arrested [press release] Hsu in Colorado on federal charges of unlawful flight to avoid prosecution after Hsu failed to appear for a bail hearing in California on unrelated fraud charges on September 5. AP has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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