Hsu, 58 years old, pleaded guilty to five counts of mail fraud and five counts of wire fraud at a hearing before U.S. District Judge Victor Marrero in Manhattan.

"I would use later investments to pay off earlier investments, so as to create the impression that my investment strategy was operating properly when, in fact, it was not," Hsu said. "I knew what I was doing was illegal,"

Jury selection is scheduled on the four remaining counts of campaign finance fraud in his case beginning Monday.

Hsu faces up to 20 years in prison on the mail and wire fraud charges.

Alan Seidler, Hsu's lawyer, said Hsu made the plea without having a plea agreement with the government.

Prosecutors had alleged Hsu falsely represented to investors that his companies - Components Ltd. and Next Components Ltd. - were in the business of extending short-term financing to companies and promised short-term, high-return investments.

Between 1997 and August 2007, the government claims Hsu convinced investors to entrust him with at least $60 million in a Ponzi scheme. After repaying some investors their principal and interest, Hsu allegedly swindled other investors out of at least $20 million, prosecutors said.

During his plea, Hsu said the scheme began in 1999.

Prosecutors also have alleged Hsu, in order to raise his public profile, pressured some investors between 2004 and 2007 to individually contribute thousands of dollars to candidates for president and Congress whom Hsu supported.

In some cases, Hsu allegedly reimbursed investors for making political contributions with proceeds from the scam, prosecutors said.

A three-judge panel of the 4th U.S. Circuit Court of Appeals unanimously upheld a lower court's decision rejecting the family's claims of false imprisonment, assault and battery, conspiracy, and unconstitutional search and seizure.

The raid on the Herndon home of Iqbal and Aysha Unus and their daughter, Hanaa, was one of several conducted in northern Virginia in 2002, months after the 9-11 terrorist attacks. No charges were filed as a result of the search, part of a federal anti-terrorism investigation called "Operation Green Quest."

Agents targeted the home of Iqbal Unus, an employee of the Islamic Institute of Islamic Thought, because he was an officer or adviser in three organizations the government suspected of supporting international terrorism.

According to Aysha and Hanaa Unus, authorities knocked loudly on their door and demanded entry. Aysha Unus said she saw a gun through the window and screamed for her daughter, who called 911. That's when agents, weapons drawn, knocked down the door with a battering ram and handcuffed the residents.

Since businesses often land in court, a case involving a company in which a justice has financial ties could be trouble. If chosen for the high court, some potential nominees might have to step aside from certain cases or unload stocks to avoid ethical conflicts between their official duties and personal financial interests.

Among stocks held by people mentioned as President Barack Obama's possible picks to succeed retiring Justice David Souter:

_ Appellate Judges Diane Wood and Kim Wardlaw have reported they have stakes in Whole Foods Market Inc. The upscale grocer won permission from a federal appeals court in Washington in 2007 to buy rival organic grocer Wild Oats Markets despite the Federal Trade Commission's argument that the deal would stifle competition. To settle the commission's claims, Whole Foods agreed this year to sell several stores.

_ At least five Supreme Court prospects have disclosed stock in Zimmer Holdings Inc., a maker of artificial hips and knees that was investigated by federal prosecutors over allegations it paid doctors who used the products. Charges were dropped after Zimmer agreed to pay a fine and undergo monitoring.

Laura Althouse's attorney filed a motion Monday to withdraw the plea after the U.S. Supreme Court ruled that undocumented workers who use phony IDs can't be considered identity thieves unless they knew they were using ID numbers from real people.

A judge granted Althouse's motion Tuesday, and her attorney says that effectively dismisses the charge. Althouse still faces sentencing May 13 on a charge of conspiracy to harbor undocumented immigrants for financial gain at the Agriprocessors plant in Postville.

U.S. attorney's spokesman Bob Teig declined to comment.

It is the second major race case heard by the justices after Barack Obama became the nation's first black president.

The justices seemed split along conservative and liberal lines in considering a provision applying to all or parts of 16 states, mostly in the South. It requires them to get federal government approval before changing their voting procedures.

Congress adopted the Voting Rights Act, an historic piece of U.S. civil rights legislation, to make it easier for millions of blacks and other minorities to exercise their right to vote.

Congress extended it in 2006 for 25 years, with then-President George W. Bush signing it into law.

Last week the justices considered whether race still can be used as a factor for job promotions and hirings, an issue that could affect millions of employers nationwide.

Opponents of the voting rights law argue that the protections for minority voters are no longer needed after more than 40 years of progress, and they cite Obama's election as evidence of how America has changed since 1965.

At a Senate Judiciary Committee hearing on the nomination of Judge Andre Davis, a U.S. district judge in Baltimore, Sen. Russ Feingold, D-Wis., pointedly read from a 2005 private opinion sent to the judge by the federal judiciary's Codes of Conduct Committee. Obama has nominated Davis to serve on the Virginia-based 4th U.S. Circuit Court of Appeals.

The conduct committee told Davis that his service as a board member of the Montana-based Foundation for Research on Economics and the Environment, or FREE, violated judicial conduct codes, and Davis quickly quit the board.

But Feingold, long a stickler for judicial ethics, asked Davis about his initial contention, in a 2005 letter to the conduct committee, that there was no difference between his participation in the group's seminars and his decision to join the board.

"It seems pretty clear to me that joining the board of an organization like FREE is actually a much more significant indication of your involvement with the organization and poses, in my mind, very different ethical questions," Feingold said. He asked Davis if he still didn't see the distinction.

"I absolutely see the difference now, Senator," Davis replied. "I did not see it back in spring of 2004, when I was invited and agreed to join the board."

America's Cup champion Alinghi of Switzerland is being ordered to tell a New York court why it should not be held in contempt for refusing to comply with an order that its one-on-one showdown against American crew BMW Oracle Racing be held in February.

The Supreme Court of the State of New York, acting on a request by San Francisco's Golden Gate Yacht Club, scheduled a hearing for May 14.

This is the latest twist in a bitter fight between billionaires that has delayed a conventional, multichallenger America's Cup and led to a rare showdown between Alinghi and BMW Oracle Racing.

Alinghi has said it is preparing to hold the best-of-three series for the oldest trophy in international sports beginning in May 2010.