Norman Hsu Pleads Guilty to Fraud
By Jeralyn, Section Corruption Cases
Posted on Thu May 07, 2009 at 01:03:57 PM EST
Tags: Norman Hsu (all tags)
Posted on Thu May 07, 2009 at 01:03:57 PM EST
Tags: Norman Hsu (all tags)
Norman Hsu, infamous bundler of 2008 campaign contributions, pleaded guilty today to running a fraudulent investment scheme -- but not to making fraudulent campaign contributions.
Hsu, 58 years old, pleaded guilty to five counts of mail fraud and five counts of wire fraud at a hearing before U.S. District Judge Victor Marrero in Manhattan.
He described his ponzi scheme:
"I would use later investments to pay off earlier investments, so as to create the impression that my investment strategy was operating properly when, in fact, it was not," Hsu said. "I knew what I was doing was illegal,"
Trial starts Monday on the campaign counts. His guilty pleas today were without a plea bargain.
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