Former Democratic fund-raiser Norman Hsu was sentenced to nearly a quarter century in prison Tuesday for breaking campaign finance laws and swindling investors out of millions of dollars.
Hsu, whose donations were a source of embarrassment for Hillary Clinton‘s presidential campaign, apologized before his sentencing.
“I made a huge mistake, a terrible mistake,” he said.
Manhattan Federal Court Judge Victor Marrero was unmoved by Hsu’s plea for leniency, calling the scammer “a wolf in sheep’s clothing” and blasting his “conniving use of the political process to fund his fraud” before sentencing him to 24 years and four months.
Prosecutors say Hsu, a 58-year-old former businessman, used his squeaky-clean reputation to bilk investors in his Ponzi scheme out of $50 million to $100 million, claiming they could see returns of 14% to 20% on clothing and high-technology ventures. Instead, throughout the decade-long scheme, he spent the money on himself and his lavish lifestyle.
Hsu also allegedly pressured investors to contribute thousands of dollars to political candidates he supported. He then illegally reimbursed some of the investors, skirting campaign finance laws.
In May, he pleaded guilty to 10 counts of mail and wire fraud. Later that month, he was convicted of four counts of campaign finance fraud.
After Hsu’s misdeeds were exposed in 2007, Clinton’s campaign agreed to return more than $800,000 in funds.
With News Wire Services
