Hassan Nemazee

Last updated
Hassan Nemazee
Personal details
Born (1950-01-27) January 27, 1950 (age 73)
Washington, DC
Political party Democratic
Alma mater Landon School
Harvard University
Occupation Chairman/CEO of Nemazee Capital
Website Nemazee Capital

Hassan Nemazee (born January 27, 1950) is a multimillionaire Iranian-American investment banker and convicted felon.

Contents

Life

Nemazee was born in Washington, D.C., on January 27, 1950, and attended Landon School, graduating in 1968. He received his Bachelor of Arts (BA) degree with Honors from Harvard University in 1972. [1]

Nemazee has not returned to Iran since the Iranian revolution. Most of his family's property was seized by the new Iranian government.[ citation needed ] On August 25, 2009, Nemazee was arrested for fraudulently applying for a loan of over $74 million from Citigroup. The maximum penalty for the offense is 30 years in prison. He was subsequently accused of fraudulently obtaining $292 million of loans from three banks and of using the proceeds to both support his lifestyle and make political contributions [2]

Nemazee is the brother of Susie Nemazee, the wife of the British Ambassador to the United States from 2012-2016, Sir Peter Westmacott.

Nemazee is the Chairman of Nemazee Capital. [3] Based upon the allegations of fraud contained in Mr. Nemazee's indictment, it is difficult to determine what legitimate business, if any, was ever conducted by Nemazee Capital.

Business interests

Nemazee Capital was established in 1987 and was purported, on its website, to have, either directly or through associated entities, invested in the following sectors: health care, media, oil and gas, insurance, investment banking, asset management, newspapers, real estate development, technology, and communications.

Nemazee claims to have created Nemazee Holdings in the early 1970s and entered the financial services industry by partnering directly with AIG; at the time, according to information supplied by Nemazee, it was unique for the insurance giant to enter into such a relationship. Around this same time Nemazee claims to have created a joint venture for the establishment of a bank with Morgan Guaranty Trust Company, predecessor to JP Morgan & Co. Nemazee Capital evolved out of Nemazee Holdings and originally focused on real estate development. [4]

Political involvement

Nemazee was, prior to his arrest, also known as one of the top political bundlers in the United States.

President Clinton nominated Nemazee to be Ambassador to Argentina on January 6, 1999, but the nomination was returned without action on August 5, 1999.

During the 2004 United States presidential election, Nemazee was a supporter of John Kerry and a major contributor to his campaign. He was the New York Finance Chair for the Kerry campaign, and later the national finance chairman of the Democratic Senatorial Campaign Committee. [5] With Nemazee as the national finance chair, Chuck Schumer's DSCC in 2006 raised $115 million, outpacing the NRSC by substantial sums, and helping the Democratic Party take control of the Senate. [6] During his presidency, Bill Clinton nominated Nemazee to fill the position of U.S. Ambassador to Argentina. [7] Due to Congressional concerns about Nemazee's convoluted and controversial business dealings, the nomination was subsequently withdrawn [8] More recently, Nemazee served as Finance Chairman to Hillary Clinton's 2007-08 presidential campaign, and also donated $50,000 (the maximum amount) to Barack Obama's Presidential Inaugural Committee. [9] In addition, Nemazee was a bundler for the 2009 Presidential Inaugural Committee. [10]

Arrest

Hassan Nemazee was arrested on August 25, 2009, for allegedly defrauding Citi bank by using false documents to secure a loan. [11]

Nemazee's additional frauds exceed $100 million, according to federal prosecutors [12]

In July 2010 he was convicted of multiple counts of bank fraud and wire fraud and was sentenced to 12+1⁄2 years in prison by U.S. District Court Judge Sidney H. Stein in the United States District Court for the Southern District of New York in Manhattan. The sentence was lighter than the 15+1⁄2 to 19+1⁄2 years that prosecutors had wanted.

Hassan Nemazee was released from prison in February 2019 under the First Step Act. [13]

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References

  1. ↑ "Hassan Nemazee". Archived from the original on 2007-08-13. Retrieved 2007-08-01.
  2. ↑ http://www.talkingpointsmemo.com/.../hassan-nemazee-indictment.php?... [ dead link ]
  3. ↑ "NEMAZEE CAPITAL – Hassan Nemazee – 30 Years of Investment Experience". Archived from the original on 2008-08-28. Retrieved 2008-07-07.
  4. ↑ Please note: The majority of information contained in this entry, especially concerning Mr. Nemazee's alleged business achievements and interests cannot be verified and must be evaluated in light of his recent arrest for fraud and grand larceny.
  5. ↑ Marketplace: Hedge funds leaning blue [ permanent dead link ]
  6. ↑ "东方心经今期必中图,东方心经 今晚,2018年曾道五字诗 2018东方心经今期彩图". Archived from the original on 2007-10-10. Retrieved 2007-01-10.
  7. ↑ The New York Times > Washington > Campaign 2004 > Cash Collectors for Kerry Race Run the Gamut
  8. ↑ Graham Button (3 May 1999). "Warning flags". Forbes.
  9. ↑ "PicSell, promote your photos online, set up your photo gallery". PicSell Australia. Archived from the original on 2008-12-14.
  10. ↑ "PicSell, promote your photos online, set up your photo gallery". PicSell Australia. Archived from the original on 2009-02-20.
  11. ↑ "Nemazee, Political Fundraiser, Charged With $74 Million Fraud - Bloomberg". Bloomberg News . 2012-02-21. Archived from the original on 2012-02-21. Retrieved 2023-05-25.
  12. ↑ Chad Bray (3 September 2009). "Fund-Raiser Faces New Allegations". WSJ.
  13. ↑ Weiser, Benjamin (2019-04-13). "He Committed a $300 Million Fraud, but Left Prison Under Trump's Justice Overhaul". The New York Times.
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