Hassan Nemazee

Nemazee Spent Millions On Luxury Car, Plane, Lots Of Real Estate

Justin Elliott | September 22, 2009, 4:08PM

Hassan Nemazee with Arthur Sulzberger Jr. and Terry McAuliffe at book party for McAuliffe's "What a Party! My Life Among Democrats." January 22, 2007.

Besides showering Democratic politicians with hundreds of thousands dollars -- probably several million in all -- what was Hassan Nemazee spending all that money on?

Unlike Bernie Madoff or 'Sir' Allen Stanford, Nemazee's alleged Ponzi scheme did not involve bilking individual investors. The Feds put the fraud at $292 million since 1998. Even taking into account that some of the money was allegedly borrowed to pay off other loans, a person would have to spend hard and often, on more than just political donations, to burn through that kind of cash.

And, the indictment suggests, Nemazee did just that.

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