Investment Banker Arrested on Bank Fraud Charge
Prosecutors have charged New York investment banker Hassan Nemazee, a major fundraiser for President Obama and Hillary Rodham Clinton, with bank fraud.
He allegedly provided false account numbers, references, and other information in order to obtain a $74 million loan from Citibank. Although there seems to be no connection between the alleged fraud and the fundraising, Democrats are trying to distance themselves from Nemazee by returning or donating contributions.
After posting a $25 million bond, Nemazee was placed under house arrest. If he is convicted, Nemazee could face up to 30 years in prison.