norman hsu sentenced to 24 years in prison

Yesterday, Norman Hsu, a former prominent Democratic fundraiser, was sentenced to more than 24 years in prison for bilking hundreds of investors of millions of dollars in a nationwide Ponzi scheme and committing campaign finance fraud: Democratic Fund-Raiser Gets 24-Year Term for Fraud.

Hsu pleaded guilty in May to 10 counts of mail and wire fraud in connection with the Ponzi scheme, which prosecutors said lasted about a decade and defrauded over 250 investors of more than $50 million.

Then, on May 19, after a trial, he was convicted of four counts of campaign finance fraud. Prosecutors presented evidence that from 2005 through 2007 he directed "straw donors" to contribute to the campaigns of various federal candidates whose favor he was trying curry, and that in some cases he reimbursed donors from the proceeds of his fraudulent scheme.

Judge Victor Marrero of United States District Court in Manhattan rejected Hsu's plea for leniency and cited what he called a "stunningly elaborate system of fraud and deceit." Daaamn right. Time to pay the piper, Norman.

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