Dem Fundraiser Charged in $74M Scam

Bundled donations for Obama, Kerry, Hillary

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    AP
    Hassan Nemazee, a key Democrat fundraiser, is charged with lying to Citibank to get a $74 million loan.

    A major Democrat Party fundraiser with close ties to President Obama and Hillary Clinton was arrested by the feds for allegedly lying to Citibank to get a $74 million loan.

    Hassan Nemazee, 59, was charged with bank fraud for allegedly giving Citibank documents showing he had millions of dollars in collateral when he applied for the loans. The documents were "fraudulent and forged," and referenced accounts that are either closed or nonexistant, a federal complaint reads.

    Authorities said FBI agents interviewed Nemazee on Aug. 23. and he paid off the loan the next day. Nemazee, a Harvard-educated Iranian national, is a powerful donor in political circles. He was acting Finance Chairman to Hillary Clinton's 2007-2008 presidential campaign and donated $50,000 to Barack Obama's Presidential Inaugural Committee. He was also New York finance chairman for John Kerry's 2004 presidential bid.

    Former president Bill Clinton nominated Nemazee to act a U.S. Ambassador to Argentina, but the Senate refused to confirm him after Forbes Magazine published a damaging exposé of his financial dealings.

    Get more: MSNBC