Fundraiser Nemazee Gets 12 Years for Citi, HSBC Fraud

Fundraiser Nemazee Gets HSBC Fraud

Fundraiser Hassan Nemazee, President Barack Obama and Secretary of State Hillary Clinton, was verdicted to 12 years in prison for dishonest Citigroup Inc., HSBC Holdings Plc and Bank of America Corp. of $292 million.

“Pride, ego, arrogance, self-image, self-importance every one of this and additional are among the causes why I twisted down this destructive path,” Nemazee told the judge before he was sentenced. “At the end of the day, there is no logical reason” for the crime, Nemazee said.

Fundraiser Nemazee, 60, beseeched guilty in March to four fraud counts, confessing he used stolen funds to live a lavish lifestyle, to donate to political candidates and charities, and to buy and maintain real estate.

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