REDWOOD CITY, Calif., Aug. 31 (UPI) -- Democratic fundraiser Norman Hsu surrendered Friday in California as a fugitive on a 1992 theft charge.
A judge in San Mateo County set bail at $2 million and scheduled another hearing next week, The Los Angeles Times reported.
In recent years, Hsu has become a major contributor to the Democratic Party and its candidates and has also been involved in raising funds. But Democrats including presidential candidates Hillary Clinton and Barack Obama have been donating his contributions to charity since they learned earlier this week that he was wanted in California.
Hsu pleaded no contest in 1992 to charges that he defrauded investors in a latex glove scheme. Prosecutors described him as operating a classic Ponzi scheme in which early investors are paid off with contributions from later ones.
His plea agreement called for a three-year sentence that could be reduced if he paid $1 million in restitution.
