Ex-Obama Fundraiser Gets 12 Years For Bank Fraud

Law360, New York (July 15, 2010, 5:42 PM EDT) -- A federal judge has sentenced a former top fundraiser for Hillary Clinton and President Barack Obama to 12 years in prison for defrauding three major banks of more than $290 million in loans.

Hassan Nemazee, chair and CEO of Nemazee Capital Corp., was sentenced Thursday in the U.S. District Court for the Southern District of New York by Judge Sidney Stein, who called Nemazee's fraud "breathtaking in its brazenness and its scope."

As part of his sentence, Nemazee was ordered to pay $292 million in restitution...
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