Nemazee, Political Fundraiser, Charged With Fraud

I wonder if Clinton and Obama will have to give any of the money back?

From Bloomberg;

Aug. 25 (Bloomberg) — Hassan Nemazee, chairman of Nemazee Capital Corp. and a fundraiser for President Barack Obama and Hillary Clinton, was arrested on a bank fraud charge and ordered held overnight pending his release tomorrow on $25 million bail.

Nemazee was charged with using phony documents to trick Citigroup Inc. into lending him as much as $74 million. The financier got the loan by telling Citibank he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said today in a statement.

Nemazee, 59, brought to court in Manhattan this afternoon, is to be released tomorrow with his bond guaranteed by a $20 million Manhattan residence and his $8 million home in Katonah, New York. He will then be held under house arrest at his Manhattan apartment, subject to electronic monitoring. U.S. Magistrate Judge Ronald Ellis called the $25 million bond the “most onerous” he had ever seen.

The financier used fake addresses and phone numbers controlled by him to mislead the bank, prosecutors said. The accounts “either never existed or had been closed years before Nemazee submitted the documents referencing those accounts,” Bharara said in the statement.

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