Thursday, May 7, 2009

Another top Democrat, at their best

NEW YORK (Reuters) - A former Democratic Party fundraiser whose arrest in 2007 prompted Hillary Clinton to return $850,000 in campaign contributions, pleaded guilty on Thursday to fraud charges in an investment scheme.

Norman Hsu, who was sentenced to three years in prison by a California state judge in January 2008, pleaded guilty in Manhattan federal court to charges of mail fraud and wire fraud in running a Ponzi scheme of up to $60 million.

"I knew what I was doing was illegal," Hsu, 58, said in the hearing in Manhattan federal court. In addition to the California sentence, he faces at least 30 years in prison.

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