Posted: 25 Aug 2009 10:36 AM PDT
Hassan Nemazee was more recently a heavy donor and bundler for both the Clinton and Obama Presidential campaigns, bringing in over half a million for the new President; he was also a major bundler for the Presidential Inaugural.
A New York man was charged with allegedly defrauding Citigroup Inc. (C) out of $74 million in loans.
U.S. Attorney Preet Bharara in Manhattan and the Federal Bureau of Investigations say Hassan Nemazee, with residences in Manhattan and Katonah, N.Y., fraudulently applied for the loans for Nemazee Capital Corp., of which he is chairman and chief executive.
Federal prosecutors contend Nemazee obtained the money by giving the banking giant “numerous documents that purported to establish the existence of accounts in Nemazee’s name at various financial institutions containing many hundreds of millions of dollars,” the Justice Department said in a statement. “In fact, those were fraudulent and forged documents.”