Democratic fundraiser Nemazee gets 12 years prison

(Reuters) – A U.S. judge handed a 12-year prison sentence on Thursday to Hassan Nemazee, a former fundraiser for Barack Obama and Hillary Clinton who admitted to a $292 million fraud of three major banks.

Nemazee had pleaded guilty on March 18 to charges of bank fraud and wire fraud over loan transactions involving Bank of America Corp, Citigroup Inc and HSBC Holdings Plc.

The defendant was also sentenced to three years of supervised release, and ordered to make $292.3 million in restitution to the banks.

U.S. District Judge Sidney Stein in Manhattan pronounced the prison sentence, which is shorter than the term requested by prosecutors. They had sought a term of between 15 years and six months and 19 years and six months.

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