“Ponzi Scheme” Plea

According to The Times, Norman Hsu pleaded guilty yesterday to mail and wire fraud related to his financial dealings.

Prosecutors have said that from 1997 through 2007, Mr. Hsu persuaded scores of victims to invest at least $60 million in his scheme, and that he ultimately defrauded victims of at least $20 million.

Mr. Hsu, who the authorities say is 57, faces up to 20 years in prison on each of the 10 counts, the judge told him.

But despite his guilty plea to the fraud scheme, Mr. Hsu was still contesting charges of campaign finance fraud, his lawyer, Alan Seidler, said after the hearing.

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