CEO Arrested on $74M Fraud Charge

FRAUDWATCH

Updated Apr. 25, 2017 2:07PM EDT / Published Aug. 25, 2009 11:51AM EDT

RUTH FREMSON

The CEO of Nemazee Capital Corp and a major fundraiser for Barack Obama and Hillary Clinton has been arrested on charges of defrauding Citigroup out of $74 million, according to the Department of Justice. Hassan Nemazee is accused of submitting phony documents to obtain up to $74 million from Citibank. He faces up to 30 years in prison if convicted. Nemazee served as national finance chairman for Hillary's campaign, and raised at least $100,000 for her in the 2008 campaign before bringing in another $500,000 for Obama once he won the nomination. Another prominent fundraiser for Clinton and Democrats, Norman Hsu, was convicted in May of campaign finance fraud for illegally donating tens of thousands of dollars. He also pleaded guilty to running a $20 million Ponzi scheme.

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CEO Arrested on $74M Fraud Charge

RUTH FREMSON