Former Clinton fundraising chief charged with bank fraud

Aug 25, 2009, 19:08 GMT

Washington - A Democratic Party fundraiser and former finance chairman of Hillary Clinton's presidential run was arrested Tuesday for an alleged attempt to defraud Citibank of 74 million dollars.

Hassan Nemazee, an Iranian-American and chief executive of Nemazee Capital Corporation, was charged with one count of bank fraud in a New York federal court, the US Justice Department said. He could serve up to 30 years in prison if found guilty.

Nemazee allegedly tried to get the funds from Citibank by forging documents that showed he had hundreds of millions of dollars in collateral to back up the loan.

Nemazee served as finance chairman for Clinton - who is now secretary of state - and became a fundraiser for President Barack Obama after she was defeated in the Democratic primary. He also raised money for Democratic nominee John Kerry's 2004 campaign.