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Big Dem Donor Nemazee Indicted In Alleged $292 Million Scheme
Zachary Roth | September 21, 2009, 6:10PM
Hassan Nemazee, a fund-raiser for H. Clinton and President Obama
Federal prosecutors have accused a major Democratic fundraiser with ties to Barack Obama and Hillary Clinton of orchestrating a Ponzi scheme that involved swindling several major banks out of hundreds of millions of dollars, and using some of the proceeds to fund political candidates and PACs.
According to a Justice Department press release, Hassan Nemazee was indicted this afternoon by a grand jury, charged with using fake do ents and signatures to bilk Citibank, Bank of America, and HSBC out of over $290 million, in an alleged scheme that dates back to 1998. Nemazee alleged used the Citibank money to repay the B of A loan, and vice versa. And even after being questioned by FBI agents about the Citibank loan last month, Nemazee allegedly went to HSBC to fraudulently draw down a line of credit, which he tried to access funds to pay back Citibank.
You can read the indictment here.
Last month, as we reported, Nemazee was charged with fraudulently applying for a loan of over $74 million from Citigroup. Prosecutors alluded to the wider alleged fraud in subsequent court do ents, but had not until now claimed that Nemazee used the money to fund political causes. Nor had they referred to the alleged fraud as a Ponzi scheme.
Nemazee, 59, was Hillary Clinton's finance chair during her 2008 presidential run. He then became a top bundler for Barack Obama's campaign. He has also been a prolific contributor to Democrats himself.
A call to Nemazee's lawyer, Marc Mukasey, was not immediately returned.
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This guy should get a seat with that ponzi wanker madolf serving his time in prison....
Madoff got others to rope in victims for the ponzi; this guy directly ripped off banks.
Ponzi schemes here...ponzi schemes there...ponzi schemes everywhere...
Can you say Social Security?
ooh la laaa
You mean how socialism works?
you sure are enamored with socialism. ever thought of moving to europe?
What a dumb mf'er.
He has to become a Politician and THEN implement the Ponzi scheme. Only way it'll be legal.
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