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Obama Fundraiser Arrested in $74 million Citibank Fraud
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| President Clinton reacts to applause as he finishes speaking to potential donors and Democratic National Committee members at a dinner in 1997 at the Mayflower Hotel in Washington. Hassan Nemazee, right, a lead Democratic fundraiser, was arrested on charges he fraudulently requested a loan from Citigroup. (AP Photo/Ruth Fremson) |
By David Glovin and Alec McCabe, Bloomberg
Hassan Nemazee, chairman of Nemazee Capital Corp. and a fundraiser for President Obama and Hillary Clinton, was arrested on charges that he tricked Citigroup Inc. into lending him as much as $74 million using phony documents.
Nemazee got the loan by telling Citibank that he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said today in a statement. He 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.
Nemazee, 59, repaid the loan to Citibank yesterday, a day after he was interviewed by FBI agents, prosecutors said. The interview took place at Newark Liberty International Airport as Nemazee was checking in for a flight to Rome.
The financier, who lives in Manhattan and Katonah, New York, is charged with one count of bank fraud and will appear today in Manhattan federal court. He is represented by attorney Marc Mukasey, of Bracewell & Giuliani, who didn’t have an immediate comment.
Nemazee is one of the leading fundraisers for the Democratic Party. He served as national finance chairman for the Senate committee that works to elect Democrats when it was run by New York Senator Charles Schumer.
In the 2008 presidential campaign, Nemazee raised at least $100,000 for Hillary Clinton, and then went on to bring in at least $500,000 for Barack Obama after he defeated her in the primary campaign, according to the Washington watchdog group Public Citizen. Clinton is now secretary of state.
Nemazee also served as New York finance chairman for Massachusetts Senator John Kerry during his 2004 run for the presidency.
Nemazee Capital’s Web site carries excerpts of stories that highlight his powerful connections. The first, a Washington Times piece about former President Bill Clinton’s recent mission to North Korea, describes Nemazee as a “friend and longtime
Clinton supporter.”
Nemazee Capital was established in 1987 and invests in health care, media, oil and natural gas, and other industries, according to the firm’s Web site. The firm has more than $3 billion under management, according to a July press release.
Another prominent fundraiser for Democrats, Norman Hsu, was convicted by a federal jury in May of campaign finance fraud for making tens of thousands of dollars in illegal donations. He also pleaded guilty to cheating investors out of more than $20 million in a Ponzi scheme. He has yet to be sentenced.
The Nemazee case is U.S. v. Nemazee, 09-mag-1927, U.S. District Court, Southern District of New York (Manhattan). programs.
Nemazee got the loan by telling Citibank that he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said today in a statement. He 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.
Nemazee, 59, repaid the loan to Citibank yesterday, a day after he was interviewed by FBI agents, prosecutors said. The interview took place at Newark Liberty International Airport as Nemazee was checking in for a flight to Rome.
The financier, who lives in Manhattan and Katonah, New York, is charged with one count of bank fraud and will appear today in Manhattan federal court. He is represented by attorney Marc Mukasey, of Bracewell & Giuliani, who didn’t have an immediate comment.
Nemazee is one of the leading fundraisers for the Democratic Party. He served as national finance chairman for the Senate committee that works to elect Democrats when it was run by New York Senator Charles Schumer.
In the 2008 presidential campaign, Nemazee raised at least $100,000 for Hillary Clinton, and then went on to bring in at least $500,000 for Barack Obama after he defeated her in the primary campaign, according to the Washington watchdog group Public Citizen. Clinton is now secretary of state.
Nemazee also served as New York finance chairman for Massachusetts Senator John Kerry during his 2004 run for the presidency.
Nemazee Capital’s Web site carries excerpts of stories that highlight his powerful connections. The first, a Washington Times piece about former President Bill Clinton’s recent mission to North Korea, describes Nemazee as a “friend and longtime
Clinton supporter.”
Nemazee Capital was established in 1987 and invests in health care, media, oil and natural gas, and other industries, according to the firm’s Web site. The firm has more than $3 billion under management, according to a July press release.
Another prominent fundraiser for Democrats, Norman Hsu, was convicted by a federal jury in May of campaign finance fraud for making tens of thousands of dollars in illegal donations. He also pleaded guilty to cheating investors out of more than $20 million in a Ponzi scheme. He has yet to be sentenced.
The Nemazee case is U.S. v. Nemazee, 09-mag-1927, U.S. District Court, Southern District of New York (Manhattan). programs.
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