Xu Yongyan
Norman Yung Yuen Hsu (Chinese: 徐詠芫, also romanized as Norman Hsu, born October 1951) is a major political donor in the United States. He was once a prominent fundraiser for Democratic Party candidates including Hillary Clinton, gaining VIP status within the party. However, his suspicious sources of funding and questionable business practices over the years eventually drew public attention and scrutiny.[1]
Biography
Hsu was born in Hong Kong to a family originally from Shanghai. He claimed to be a "garment merchant." At the age of 18, he went to the University of California, Berkeley to study computer science. After graduation, he settled in California to engage in business. He got married in 1974.
Fraud Conviction
In 1991, Hsu pleaded guilty to fraud in California and was sentenced to three years in prison, but he fled to Hong Kong. While in Hong Kong, he opened shell companies and continued business. After being declared bankrupt by a court in 1998, he returned to the United States, settling in the New York metropolitan area. In addition to running businesses, he began engaging in political donations and fundraising for the Democratic Party.
In late August 2007, after his fugitive status in California was exposed, Hsu surrendered to authorities. He posted US$2 million bail but fled again on September 5. He was arrested the next day in Colorado.
On September 20, 2007, the U.S. Attorney for the Southern District of New York charged Hsu with mail fraud, wire fraud, and violations of the Federal Election Campaign Act related to his business and fundraising activities in New York. If convicted, Hsu faced up to 45 years in prison.[2]
On September 29, 2009, Norman Hsu, a Hong Kong immigrant and former fundraiser for Democratic presidential candidates, was sentenced to 24 years in prison by a court in New York City on a new set of fraud charges. The U.S. District Court for the Southern District of New York found the 58-year-old guilty of fraud and sentenced him to 20 years. He also received an additional four years and four months for violating campaign finance laws. The presiding judge, Marrero, condemned Hsu as a "wolf in sheep’s clothing." Hsu had previously been sentenced to three years by the San Mateo County Superior Court in California for another fraud charge. He admitted to running a massive Ponzi scheme involving up to US$60 million. During the 2007 Democratic primaries between Barack Obama and Hillary Clinton, Hsu raised funds for both candidates. Prosecutors in New York said that between 2003 and 2006, Hsu, who worked in the garment industry, coerced business partners to make large donations to congressional or presidential candidates. Obama and Clinton returned or donated to charity all the funds raised by Hsu.[3]