The interest that Ponzi schemer and one-time prominent Democratic fundraiser Norman Hsu promised to investors was properly considered as a loss to victims by the federal judge who calculated the cost of his fraud in determining his punishment under federal sentencing guidelines, a federal appellate court ruled on Feb. 17.
The unanimous panel of the U.S. Court of Appeals for the Second Circuit upheld the 20 years Mr. Hsu received for bilking investors out of $20 million or more from 2000 to 2007 and the term of 4 1/3 years he is serving for violating federal campaign finance laws.
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