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HSBC sues accused Democratic fund-raiser in New York

Reuters 09/19/2009 03:46
HSBC sues accused Democratic fund-raiser in New York - USA - New York - NYC - crime - HSBC - fraud


A fund-raiser for Barack Obama, Hillary Clinton and other Democrats who was charged last month with defrauding Citigroup Inc is being sued by HSBC for deceiving it into lending him $100 million.



The lawsuit filed in New York State Supreme Court in early September accused private equity firm head Hassan Nemazee, 59, of engaging in an elaborate scheme to make HSBC Bank USA believe that its loan was secured by collateral in the form of U.S. Treasury Notes when it was not.

Nemazee, who sits on the board of the Iranian American Political Action Committee, typically donates more than $100,000 annually to Democratic political candidates.

He is listed as one of the top "bundlers" of contributions to Obama's 2008 presidential campaign, according to OpenSecrets,org, a website run by the Center for Responsive Politics research group.

Nemazee was charged on August 25 of one count of bank fraud for seeking a $74 million loan from Citigroup's banking unit under false pretenses.

He was arrested at Newark Liberty International Airport in New Jersey on August 23 as he was checking in for a flight to Italy, according to court papers.

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