Friday, September 21, 2007
Democratic fund-raiser Norman Hsu was charged on Thursday with fraud and campaign finance violations in a case that has prompted presidential candidate Sen. Hillary Clinton to return $850,000 in contributions.
U.S. Attorney Michael Garcia unsealed a criminal complaint in New York charging Hsu, 56, with perpetrating a $60 million "pyramid" fraud scheme between 2003 and 2006 and committing related federal campaign finance crimes in 2006.
Hsu used a small portion of the $60 million to reimburse investors who made contributions on his behalf to presidential campaigns, including Clinton's, Garcia told reporters at a news conference.
He was charged on one count of mail fraud and wire fraud and one count of violating the Federal Election Campaign Act, which limits individual campaign contributions. If convicted he could face 20 years in prison for each of the fraud charges, and five years on the campaign finance charge.
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