Democratic Fundraiser Cops To $292M Bank Loan Fraud

Law360, New York (March 18, 2010, 6:17 PM EDT) -- A former top fundraiser for Hillary Clinton and President Barack Obama has pled guilty to charges that he defrauded three large banks of more than $290 million in loan proceeds.

Hassan Nemazee, chairman and CEO of New York-based Nemazee Capital Corp., pled guilty Thursday to three counts of bank fraud and one count of wire fraud in the U.S. District Court for the Southern District of New York.

As part of the plea, he agreed to hand over some of his interests in 16 businesses, five...
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