Hassan Nemazee, who spent millions on a luxury lifestyle including huge donations to top Democratic politicians, pleaded guilty to a $292 million fraud scheme today in federal court in Manhattan, Reuters reports.
Nemazee’s scheme involved borrowing huge sums from three banks and promising to pay off each bank with a loan from one of the others.
“It was my intention to repay,” he said in court, according to Reuters. “But the hole that I dug was larger and I borrowed more.”
After he was charged in September, TPMmuckraker delved into Nemazee’s career as a fundraiser for Democrats including Hillary Clinton and Barack Obama. You can read full coverage here.
According to Reuters, he faces a prison sentence of between 15 and 19 years.