Reuters: Obama, Clinton fundraiser admits $292 million fraud

A wealthy businessman who raised money for leading Democratic Party politicians, including Barack Obama and Hillary Clinton, pleaded guilty on Thursday to defrauding three major banks out of $292.2 million in loan transactions.

Hassan Nemazee, 60, who once ran a private equity firm, admitted in Manhattan federal court to defrauding Bank of America Corp of more than $142 million, Citigroup Inc of $74.9 million and HSBC Holdings Plc of $74.9 million to pay his debt to Citigroup.

During the plea proceeding, Iranian-born Nemasee, who owned several multimillion dollar properties and had interests in various companies and hedge funds, said he had tried to get out of financial difficulty starting in the 1990s.

Read more at Reuters