Monday, September 21, 2009
PRNewswire,
PRNewswire,
U.S. Attorney Charges Hassan Nemazee in $292 Million Ponzi Scheme
WASHINGTON, Sept. 21 /PRNewswire-USNewswire/ -- Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the indictment today of Hassan Nemazee, the Chairman and Chief Executive Officer of Nemazee Capital Corporation, for defrauding Bank of America, N.A. (BofA), Citibank, N.A. (Citibank), and HSBC Bank USA, N.A. (HSBC), of more than $290 million in loan proceeds. [PRNewswire]
From approximately 1998 through 2009, Nemazee obtained hundreds of millions of dollars worth of loans from BofA, Citibank, and HSBC. As of August 2009, Nemazee owed approximately $142 million to BofA and approximately $74.9 million to Citibank. Documents and signatures that Nemazee used to obtain these loans, including documents he submitted to purportedly show that he had hundreds of millions of dollars worth of collateral, were fake.
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Posted by Editor on 09/21/09 at 06:31 AM •
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