Hsu Guilty of Squeezing Donors for Campaign Cash

Ponzi schemer and Democratic fundraiser Norman Hsu has been convicted of campaign finance fraud after two days of jury deliberations, the Wall Street Journal reports. Prosecutors said Hsu had pushed his investors to donate tens of thousands to his chosen political candidates, including Hillary Clinton, between 2004 and 2007. Hsu pleaded guilty to wire and mail fraud earlier this month.

Prosecutors said Hsu broke campaign finance laws in reimbursing some of the investors. He faces sentencing in August for four counts of campaign finance fraud, each of which could mean a 5-year prison term; the wire and mail fraud counts carry up to 20 years each. “I think he expected (the guilty verdict) because it was quick,” his lawyer said.
(More Norman Hsu stories.)