Hsu begins trial over campaign contributions

Former top Democratic fundraiser Norman Hsu used his associations with famous political families like the Clintons and the Kennedys to polish his image and attract investors to his financial frauds, a prosecutor told a jury at the opening of a trial Tuesday.

Assistant U.S. Attorney Rua Kelly told the jury in Manhattan that it will see photographs of Hsu with famous politicians and will hear his former investors describe being pressured by Hsu to make political donations in their names that they would be reimbursed for.

The prosecutor said Hsu used that method to dodge campaign donation laws restricting how much a candidate can receive from a single contributor.

Hsu's trial comes just days after he pleaded guilty to 10 counts of wire and mail fraud, admitting that he cheated investors of at least $20 million in a Ponzi scheme in which he paid off early investors with the proceeds he collected from later investors. It also comes about 16 months after he was sentenced in a Redwood City courtroom for a grand theft case that dated back to the early 1990s.

His lawyer, Alan Seidler, described the plea to the jury and noted that his 58-year-old client faces 200 years in prison on those charges alone.

The mention of the potential penalty drew an objection from prosecutors that was sustained by U.S. District Judge Victor Marrero.

Seidler, though, had made his point and continued to cast his client in a more sympathetic light, saying the campaign contributions were made willingly by investors eager to impress Hsu "because they were greedy and frankly dumb."

"These people were blinded by greed," Seidler told the jury.

The prosecution told the jury that Hsu ripped off investors for nearly a decade with a variety of claims, including that he operated a business that provided short-term loans at high-interest rates to businesses and that he also invested in clothing and technology companies.

Kelly said he failed to invest their money, instead using it to pay off earlier investors or to live a lavish lifestyle that included lots of jewelry, fine wines and champagne, vintage clothing and four-star restaurants.

Kelly said many of his victims had no idea they were violating the law when they allowed Hsu to reimburse them for their political donations.

Seidler said Hsu donated about $850,000 of his own money to political candidates and helped raise another $1 million for Democratic candidates through about 75 people he knew who also made contributions. He said Hsu gave $3.5 million more to charitable causes.

After Hsu's 2007 arrest, Hillary Rodham Clinton returned more than $800,000 to donors whose contributions were linked to him.


This article appeared on page A - 4 of the San Francisco Chronicle


--------------------------------------------------------------------------------

Views: 53

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted a blog post
yesterday
pohonemas33 team commented on tjdavis's photo
Thumbnail

DejaVu

"nice very goodjob, i wish you can visit official situs pohonemas33"
Saturday
Sandy posted a photo
Saturday
Doc Vega posted a blog post
Friday
Saint Quinn favorited Burbia's video
Friday
Doc Vega posted blog posts
Thursday
Burbia commented on tjdavis's blog post The Jewish Couple That Taught Bob Dylan Hebrew and Introduced Him to Zionism
"Haaretz put this story behind a pay wall. Sali Ariel and Terry Noble were the names of the couple…"
Wednesday
William Heckman is now a member of 12160 Social Network
Wednesday
cheeki kea commented on tjdavis's photo
Wednesday
cheeki kea commented on cheeki kea's video
Thumbnail

This Woman DESTROYED Harley-Davidson's Future Forever

"It's a sad day on the highway. But I guess the show must go on. Watch out for the ruination of…"
Wednesday
cheeki kea posted a video

This Woman DESTROYED Harley-Davidson's Future Forever

This Woman DESTROYED Harley-Davidson's Future ForeverWelcome to Ride Radar – Your Frontline Source for Motorcycle Deals, Trends & Market Mayhem.Looking for t...
Wednesday
tjdavis posted a photo
Wednesday
Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
Jul 21
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
Jul 21
Doc Vega's 7 blog posts were featured
Jul 20
tjdavis's 2 blog posts were featured
Jul 20
Less Prone favorited tjdavis's blog post Track AIPAC
Jul 20
FREEDOMROX's blog post was featured

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
Jul 20
Less Prone favorited FREEDOMROX's blog post MRNA VACCINES: Question
Jul 20
cheeki kea commented on cheeki kea's photo
Jul 19

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted