NEW YORK (CN) – Former Democratic fundraiser Norman Hsu was sentenced to more than 24 years in prison on Tuesday for bilking investors out of millions in a decade-long Ponzi scheme, and for committing campaign finance fraud.
U.S. District Judge Victor Marrero sentenced Hsu, 58, to 20 years in prison for his guilty plea to fraud, and four years and four months for his conviction for breaking campaign finance laws.
“Hsu’s dishonest use of political campaigns to perpetuate his fraud strikes at the very core of our democracy,” Marrero said in a statement released by the Manhattan Federal Court.
Hsu got more than $50 million from more than 250 investors during a 10-year Ponzi scheme that promised investors returns on clothing and technology ventures. He instead spent the money on himself.
Hsu’s donations led then-Senator Hillary Clinton’s presidential campaign to return more than $800,000 from donors linked to Hsu.