Democratic fundraiser Hassan Nemazee plead not guilty this morning to charges that defrauded banks in a $292M Ponzi scheme, the AP reports.

The AP adds this from Attorney Paul Schechtman, identified as one of Nemazee's lawyers:

The lawyer for a wealthy fundraiser for Hillary Rodham Clinton and other top Democrats says his client's political contributions were legal - despite charges he defrauded banks of hundreds of millions of dollars.

The authorities allege Nemazee used some of the money to support political causes.

Shechtman added, the Wall Street Journal reports, that Nemazee's contributions were "modest and lawful," and that "this is not a case about funneling money to candidates."

Which is true: the indictment does not allege that Nemazee funneled money from other donors to political campaigns.

Read our full Nemazee coverage here.

Late Update: A few more details have been dribbling out. Nemazee's plea was in Manhattan federal court before Judge Sidney Stein, and his next appearance is set for November 4. The AP adds:

A prosecutor told Stein that the government was prepared to provide the defense with 15 boxes of material seized with a search warrant at Nemazee's offices.