OCTOBER 07, 2008
The government agency responsible for enforcing federal securities laws is suing Hillary Clinton’s criminally convicted Chinese fundraiser for operating a $60 million investment scam and giving much of the profits to Democratic candidates, including Barack Obama.
Once a fugitive from U.S. justice, New York entrepreneur Norman Hsu is a convicted pyramid investment promoter who was federally charged on seperate counts last year for defrauding investors and violating campaign finance laws by using friends and associates to exceed contribution limits to Clinton’s failed presidential campaign.
The notoriously corrupt businessman gave the former First Lady nearly $1 million (which she reluctantly returned under public pressure) but also donated hefty sums to other top Democrats like presidential candidate Obama, veteran California Senator Dianne Feinstein and Massachusetts’ longtime Senate fixture, Edward Kennedy.
This week the Securities and Exchange Commission filed a nine-page lawsuit in a southern California federal court accusing Hsu of soliciting investments that promised high rates of return and using the money to finance his lavish lifestyle and to reimburse existing investors for political contributions to his favorite Democratic politicians.
The complaint paints the portrait of a master of deceit who presented himself as an international businessman with high-level contacts and lucrative overseas businesses. The SEC is seeking to recoup millions in investors’ money as well as financial penalties.
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