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Norman Hsu Facing Civil Claims in New York after Defrauding Investors of Millions

Atlanta, Ga. 9/26/2007 11:36 PM GMT (WooEB)

Disgraced Democratic fundraiser Norman Hsu is facing charges in New York related to swindling investors out of at least $60 million and using part of his profits to feed the Hillary Clinton presidential campaign.


While most of Hsu’s legal troubles have focused on his practice of raising campaign funds for presidential hopeful Hillary Clinton, the 56-year-old Hong Kong native is also at the center of a large-scale Ponzi scheme that defrauded countless businesses and individuals who were under the impression that their investments were being placed in legitimate businesses.


In reality Hsu was continuously raising new money from investors and using part of those funds to distribute “phantom returns” to older investors. The rest of his money was either going to support his excessive lifestyle or into campaign funds for political aspirants.


Those business and individuals in New York who invested money through Hsu are now looking to recoup their losses. One such company, Source Financing Investors, filed a civil case against Hsu after more than $40 million went missing.


Ronald Minkoff, a civil litigation attorney specializing in claims of fraud and fiduciary duty, is representing Source Financing Investors in their case. Minkoff has appealed to the political campaigns that received funds connected to Hsu to refrain from dispersing the money.


Many of those campaigns have expressed a desire to return the money yet Minkoff has urged them to hold off on such an action saying, “We have contacted them and asked them not to give it back but hold it in escrow.”


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