SEC sues Democrat fundraiser for alleged $60M scam

[JonLP24]

Source: Evening Sun


SAN FRANCISCO—Federal regulators on Monday sued political fundraiser Norman Hsu for allegedly operating a $60 million investment scam and using some proceeds to contribute to Sen. Hillary Rodham Clinton and other prominent Democrats.

The Securities and Exchange Commission filed a lawsuit in U.S. District Court in Los Angeles that accuses Hsu of using a company called Next Components to solicit investments that promised high rates of return by providing short-term loans to other companies.

Instead, Hsu used the investments to pay off early investors in a classic Ponzi scheme while using the rest to make political contributions and support a lavish lifestyle, the lawsuit states.

The SEC is seeking to recoup the investors' money and financial penalties.



Read more: http://www.eveningsun.com/ci_10653256

[Doctor_J]

1. Politically motivated

Everyone at the SEC should be fired and/or imprisoned for their role in the bank meltdown. Hopefully most of them and everyone else who had a hand in running the country into the ground while * was president will be sentenced to long terms in federal pound-me-in-the-ass prison next year.

[WarbirdForObama]

2. If He's Guilty

Let him spend his life getting traded around a cell block for a pack of smokes and a candy bar.

nuff said

[KoKo]

3. Isn't this VERY OLD News?

Wha?

[JonLP24]

4. The article was only 6 minutes old when I posted it

In the first sentence it said "Monday"

That is today.

[FreakinDJ]

5. Very Old News from a small time local rag spreading Hate & BS

for McSame

[JonLP24]

6. This isn't the only news organization reporting this

http://news.google.com/news?hl=en&um=1&tab=wn&scoring=d...

[FreakinDJ]

12. What BULL SHIT - not 1 story like what you are reporting

I'm hitting the alert button

[JonLP24]

13. USA Today

SAN FRANCISCO—Federal regulators on Monday sued political fundraiser Norman Hsu for allegedly operating a $60 million investment scam and using some proceeds to contribute to Sen. Hillary Rodham Clinton and other prominent Democrats.

The Securities and Exchange Commission filed a lawsuit in U.S. District Court in Los Angeles that accuses Hsu of using a company called Next Components to solicit investments that promised high rates of return by providing short-term loans to other companies.

Instead, Hsu used the investments to pay off early investors in a classic Ponzi scheme while using the rest to make political contributions and support a lavish lifestyle, the lawsuit states.

The SEC is seeking to recoup the investors' money and financial penalties.

http://www.usatoday.com/news/washington/2008-10-06-SEC_...

It looks very similar to me, in fact it is the exact text of the 4 paragraphs I posted from the local rag. I haven't violated any rules.

[maseman]

7. I read about this six months ago

[JonLP24]

10. Well they sued "Monday"

Whatever the hell that means but I'm guessing it's today because there are over 200 articles reporting this today.


SAN FRANCISCO (AP) — Federal regulators on Monday sued political fundraiser Norman Hsu for allegedly operating a $60 million investment scam and using some proceeds to contribute to Sen. Hillary Rodham Clinton and other prominent Democrats.
http://www.usatoday.com/news/washington/2008-10-06-SEC_...

[Kingofalldems]

8. "Democrat' fundraiser?

[nickgutierrez]

9. That's the tip-off, isn't it?

Any time you see "Democrat" fundraiser, or "Democrat" candidate, and so on - it's bound to be bad.

[Name removed]

14. Deleted message

Message removed by moderator. Click here to review the message board rules.

[JonLP24]

15. What is that supposed to mean?

[Earth_First]

11. How about: "SEC sues Republican CEO for MULTI-TRILLION dollar credit default swap scam"?

THERE's a headline I'd like to see...

[AlCzervik]

16. Chris Cox is all of a sudden interested in trying someone, hmm. whatever.

[dipsydoodle]

17. What a load of of bollocks

The only news is that the SEC have got their digit out. The other stuff is almost as old as Hsu's on first base. The money was treated as suspect and returned a year ago.

[Eurobabe]

18. Smell Pizza?

Late night delivery?

[struggle4progress]

19. He's been in jail since January on a 1991 plea

Hsu gets three years in ‘91 case (January 2008 / LAT)
He’d fled a no-contest plea ...
January 05, 2008 in print edition A-12

Dismissing a claim that Norman Hsu’s right to a speedy trial had been violated because California authorities didn’t fully pursue him after he fled from justice 16 years ago, a San Mateo County judge on Friday sentenced the former Democratic fundraiser to three years in prison for fraud ... Last month a federal grand jury in New York indicted Hsu, 56, on charges of operating a large new Ponzi scheme and making illegal campaign contributions to Sen. Hillary Rodham Clinton and others ... In August, Hsu turned himself in, posting cash bail of $2 million. Then he fled again. He was recaptured after collapsing aboard a train in Colorado ... After Hsu’s past was revealed, candidates gave away his direct donations and the Clinton campaign refunded more than $800,000 raised by him ...

http://articles.latimes.com/2008/jan/05/nation/na-hsu5