NEW YORK (CNN) - A former Democratic fund-raiser who contributed to the presidential campaigns of Hillary Clinton and Barack Obama was sentenced Tuesday to 292 months, or more than 24 years, in prison for fraud including campaign finance violations, U.S. Attorney Preet Bharara announced.
"Norman Hsu betrayed the trust of his victims by stealing their money with false promises of fake returns in order to finance a luxurious lifestyle...Today's sentence underscores our commitment to stop swindlers like Hsu in their tracks and bring them to the bar of justice," Bharara, U.S. attorney for the Southern District of New York, said in a statement.
The sentencing breakdown includes 240 months in prison for wire and mail fraud charges and 52 months in prison for charges of campaign finance fraud.
Judge Victor Marrero, who issued the sentence Tuesday afternoon at a Manhattan federal court, said in a statement, "Hsu's dishonest use of political campaigns to perpetuate his fraud strikes at the very core of our democracy."
Hsu, 57, was convicted in May on four counts of campaign fraud - one for each year from 2004 to 2007.
Earlier this year, Hsu also was found guilty on 10 counts of mail and wire fraud surrounding his investment practices.
He was indicted in 2007 after an investigation into his two investment companies.
When he was convicted in May, prosecutors said that Hsu not only swindled investors out of at least $20 million but also told some investors to make campaign contributions to the candidates he supported, and suggested that their investments could be jeopardized if they didn't do as he asked.
When Hsu's activities came to light, the campaigns of Obama and Clinton - as well as others - either returned his donations or gave them to charity.
In September of 2007, Hsu was en route from California to Denver, Colorado, when he became ill on an Amtrak train and was taken to a hospital. Later that day, FBI agents arrested him on charges of unlawful flight to avoid prosecution, and he has been in jail since.