Federal prosecutors are seeking a prison sentence that could approach 20 years for Hassan Nemazee, a former fundraiser for Barack Obama and Hillary Clinton who admitted to a $292 million bank fraud.He'll be missed, especially by greedy Democrats around election season.
Nemazee, 60, pleaded guilty on March 18 to three counts of bank fraud and one count of wire fraud in connection with loan transactions involving Bank of America Corp, Citigroup Inc and HSBC Holdings Plc.
He also agreed to forfeit his interests in property and accounts, including a 2007 Cessna aircraft and 2008 Maserati.
In a Wednesday evening court filing, U.S. Attorney Preet Bharara in New York said a 188- to 235-month prison term is appropriate, reflecting federal sentencing guidelines.
Sentencing is scheduled for June 30 before U.S. District Judge Sidney Stein in Manhattan.
Paul Shechtman, a lawyer for Nemazee, did not immediately return a call on Thursday seeking comment.
Bharara cited several factors justifying the proposed sentence. These included the 12-year time period for the fraud, the size of the losses, and Nemazee's use of the stolen money to fund "an extremely lavish lifestyle" and also "to build up his reputation, including as a political kingmaker."
Nemazee was one of the top "bundlers" of contributions to Obama's 2008 presidential campaign, according to the Center for Responsive Politics' OpenSecrets.org.
He typically donated more than $100,000 annually to Democrats including Clinton, now U.S. secretary of state.
Meanwhile, Obama sinks further in the polls. Maybe he needs to get out and hit some golf balls or something.