Loan funds given Hsu said in jeopardy
Authorities voiced concern Thursday that $40 million given Democratic fundraiser Norman Hsu for a loan pool despite fraud charges may be lost.
The money was given Hsu by a private equity fund representing about 100 New York investors for a pool he said would generate a high rate of income, The New York Times reported Thursday. Those investors have been told their money might be in jeopardy, a lawyer for the fund said.
Hsu was accused of defrauding investors 16 years ago in California and faced accusations that he engaged in similar conduct more recently, the lawyer, Seth Rosenberg, told the Times. He said fund managers were shocked to learn of Hsu’s legal troubles. Recent efforts to cash checks from Hsu failed, he said.
Hsu, a major bundler of campaign contributions for the presidential campaign of Sen. Hillary Clinton, D-N.Y., presidential campaign, was arrested last week after allegedly skipping a court appearance related to the 1991 fraud case. // Copyright 2007 by United Press International
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