Run Norman, run. For Norman Hsu, when the going gets tough, the tough apparently get running. After graduating with a MBA from Wharton, Mr. Hsu was involved in a number of businesses, including clothing stores and restaurants, none of which were successful. In the late 1980s he raised approximately $1 million dollars for a latex glove business. The only problem was that the business never produced a product or profits. By 1990 he was bankrupt, owing more than $1 million to a laundry list of debtors. He then vanished to Hong Kong where he once again started the cycle anew. By 1998 the gig was up once again (his businesses had failed and he was bankrupt), at which time he covered his tracks and returned to California to start another chain of businesses. By 2008, his trail of deceit finally caught up with him and he was charged with investment and wire fraud, having defrauding investors out of at least $20 million.
Run Norman, run. For Norman Hsu, when the going gets tough, the tough apparently get running. After graduating with a MBA from Wharton, Mr. Hsu was involved in a number of businesses, including clothing stores and restaurants, none of which were successful. In the late 1980s he raised approximately $1 million dollars for a latex glove business. The only problem was that the business never produced a product or profits. By 1990 he was bankrupt, owing more than $1 million to a laundry list of debtors. He then vanished to Hong Kong where he once again started the cycle anew. By 1998 the gig was up once again (his businesses had failed and he was bankrupt), at which time he covered his tracks and returned to California to start another chain of businesses. By 2008, his trail of deceit finally caught up with him and he was charged with investment and wire fraud, having defrauding investors out of at least $20 million.