Obama, Clinton fundraiser admits $292 million fraud

[Chris]

(Reuters) - Hassan Nemazee, 60, who once ran a private equity firm, admitted in Manhattan federal court to defrauding Bank of America Corp of more than $142 million, Citigroup Inc of $74.9 million and HSBC Holdings Plc of $74.9 million to pay his debt to Citigroup.

Nemazee was listed as one of the top "bundlers" of contributions to Obama's 2008 presidential campaign, according to OpenSecrets.org, a website run by the Center for Responsive Politics.

He typically donated more than $100,000 annually to Democratic Party political candidates, including Obama and now-U.S. Secretary of State Hillary Clinton.

Nemazee faces forfeiture of $292.2 million and restitution of $217.3 million. He agreed to forfeit interests in properties, corporate entities, hedge funds, securities accounts, bank accounts, a 2008 Maserati Quattroporte and a 2007 Cessna aircraft.

The judge allowed Nemazee to remain free on $25 million bail but under house arrest with electronic monitoring in his Manhattan apartment.

http://www.reuters.com/article/idUSTRE62H4LN20100318?loomia_ow=t0:s0:a49:g43:r3:c0.250000:b30317430:z0

[littlelamb]

I hope that he gets sent away for a long time

[debk]

Hmmmm.....BofA, Citigroup, and HSBC.....3 of the largest mortgage lenders in the US.....



first 2 received bail-out money, not sure about HSBC. BofA has supposedly repaid all of their debt back.

[DumbAss Tanker]

Still waiting for Obama, Reid, and Pelosi to admit a trillion-dollar fraud on HCR, though.

[Thor]

Criminals stealing money for other criminals....... go figure. Wanna bet that he gets a pardon somewhere along the way, maybe in late 2012?? Furthermore, he'll go to a "prison" that is the equivalent of a Kiddie Kampus.