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Tuesday, August 25, 2009

DSCC National Finance Chair arrested for Bank Fraud

Via Dow Jones Newswires:

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."

According to an FBI report, Nemazee first contacted Citigroup's Citibank in December 2006 to borrow $25 million, and later raised the sum to $80 million.

Nemazee paid back more than $74 million Monday, after being questioned by federal agents Sunday as he was checking in to board a flight from Newark International Airport in New Jersey to Rome.

He was charged with one count of bank fraud, which carries a maximum prison term of 30 years and a fine of $1 million, or twice the gain or loss resulting from the alleged crime.

Nemazee, arrested Tuesday morning, is due to enter a plea later in the day in Manhattan federal court.

Truly amazing. Liberals seem to be the only people capable of pulling this kind of shit on people. Your thoughts.

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