Hsu Press Conference: "A Massive Ponzi Scheme"

Alas, the prosecutor giving the statement claims it was all about "self-promotion and greed," rather than corruptly aiding the Democrats. So much rich savory nuance when a Democrat is on the hook.

"Hsu is charged with perpetrating a massive investment fraud on victims nationwide...

"Hsu is also charged with using others including some of his fraud victims as straw donors to make tens of thousands of illegal campaign donations to various candidates for Congress and US President..."

"There were no legitimate business operations by Hsu's companies. Like all Ponzi schemes, Hsu's collapsed, leaving investors holding millions of dollars in bad checks..."

"In 2006, Hsu provided two individuals with a list of political organizations and candidates to which they should make contributions. These straw donors were instructed to write separate checks for each contribution. Hsu then directly reimbursed the straw donor for those contributions. In this way Hsu circumvented the laws governing the maximum amount individuals may legitimately contribute to any organization or campaign."

posted by Ace at 01:41 PM

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