More Hsu - The American Spectator | USA News and Politics
More Hsu

Just reading through the complaint now. The allegation is that Norman Hsu was operating a “ponzi” scheme in which the first investors were paid off with money collected from new investors. As a classic con, Hsu would first ask that investors make smaller investments, for which they enjoyed extraordinary returns. Once he gained their trust, he hit up victims and their friends for massive amounts of money. According to the suit, the political contributions were used to raise Hsu’s profile, and he would bully his investors into making certain political donations. The complaint alleges that Hsu defrauded investors out of –at least–$60 million. Also, according to the complaint, his business Components Ltd. only had $83,000 in its bank account.

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