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Fund Firm Names Hillraiser Hsu in Suit
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Fri Sep 21, 2007 4:00 am Post subject: Fund Firm Names Hillraiser Hsu in Suit |
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 Fund Firm Names Hillraiser Hsu in Suit
A New York fund manager has filed a lawsuit seeking about $40 million he invested with Norman Hsu, crimping efforts by politicians to rid themselves of the Democratic donor's money.
Category: Top Story
A New York State Supreme Court judge in Manhattan Tuesday essentially froze some of Mr. Hsu's assets at the request of the firm that filed the suit, Source Financing Investors. That includes money that Mr. Hsu, now in jail on grand-theft charges, donated to some campaigns, along with bank accounts.
Source Financing invested tens of millions of dollars in a menswear business that it now believes never existed. The lawsuit claims Mr. Hsu engaged in fraud, "arising out of an alleged Ponzi scheme" created by him and operated through two of his companies, Components Ltd. and Next Components.
The judge, Shirley Werner Kornreich, scheduled a hearing for Sept. 26, at which Norman Hsu or a representative of his companies could "show cause" as to why Source Financing shouldn't attach a claim to his assets. Mr. Hsu's attorney couldn't be reached for comment yesterday.
Judge Kornreich is ordering four campaigns to hang onto Mr. Hsu's money. They include those of Sen. Hillary Clinton, which received $23,000; New York State Gov. Eliot Spitzer, with $62,000; New York State Attorney General Andrew Cuomo, who received $50,000; and Rep. Kirsten Gillibrand, who got $25,000. The order is set to be delivered to the candidates by today.
Read more...
Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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