Hassan Nemazee, an Iranian-American businessman who raised money for the political campaigns of Barack Obama and Hillary Clinton, was sentenced to 12 years in prison for defrauding Bank of America Corp, Citigroup Inc and HSBC Holdings Plc out of $292 million.

U.S. District Judge Sidney Stein imposed the sentence on Thursday following Nemazee's March 18 guilty plea in Manhattan federal court to charges of bank fraud and wire fraud over loan transactions with the three major banks.

Nemazee said he needed the money to pay debts arising from his dealings in hedge funds and properties.

"You know exactly what you have done," Stein told Nemazee during the sentencing proceeding. "I don't think there is any fooling yourself by yourself. You have done a great deal of good in your life" and yet Stein said, "this crime is breathtaking in its brazenness and its scope."

http://news.yahoo.com/s/nm/20100715/...zee_sentence_5