24-09-2009, 04:08 AM
We're learning the extent of important investor and political booster Hassan Nemazee's alleged fraud: the tally is now at $292 million since 1998 and involves three major banks.
See his life of luxury>
Nemazee plead not guilty this morning. But, according to the Feds, he lied about collateral to get a $74.9 million loan from Citibank. Then, he borrowed $100 million from HSBC with similar lies, immediately using $75 million to repay Citi. That's on top of another $142 million owed to Bank of America, again apparently obtained fraudulently. HSBC recently filed suit.
So, where did the $292 million get him before being arrested? As we've noted, Nemazee was a powerful Democratic party fundraiser and donor. Now, politicians are racing to give that money to charity.
After the hearing today, Nemazee's lawyer, Paul Shechtman, said his client's campaign contributions were "modest and lawful...this is not a case about funneling money to candidates," according to the WSJ.
But if the charges are true, the money helped buy him some pretty nice stuff. "For more than ten years, Hassan Nemazee projected the illusion of wealth, stealing more than $290 million so that he could lead a lavish lifestyle and play the part of heavyweight political fundraiser," Preet Bharara, the U.S. attorney in Manhattan, said in a statement in the WSJ.
Lawrence Delevingne|Sep. 23, 2009, 12:34 PM
http://www.businessinsider.com/a-big-ban...ngs-2009-9
See his life of luxury>
Nemazee plead not guilty this morning. But, according to the Feds, he lied about collateral to get a $74.9 million loan from Citibank. Then, he borrowed $100 million from HSBC with similar lies, immediately using $75 million to repay Citi. That's on top of another $142 million owed to Bank of America, again apparently obtained fraudulently. HSBC recently filed suit.
So, where did the $292 million get him before being arrested? As we've noted, Nemazee was a powerful Democratic party fundraiser and donor. Now, politicians are racing to give that money to charity.
After the hearing today, Nemazee's lawyer, Paul Shechtman, said his client's campaign contributions were "modest and lawful...this is not a case about funneling money to candidates," according to the WSJ.
But if the charges are true, the money helped buy him some pretty nice stuff. "For more than ten years, Hassan Nemazee projected the illusion of wealth, stealing more than $290 million so that he could lead a lavish lifestyle and play the part of heavyweight political fundraiser," Preet Bharara, the U.S. attorney in Manhattan, said in a statement in the WSJ.
Lawrence Delevingne|Sep. 23, 2009, 12:34 PM
http://www.businessinsider.com/a-big-ban...ngs-2009-9
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