Hassan Nemazee, the chairman and CEO of Nemazee Capital Corp., has been arrested for allegedly attempting to defraud Citigroup Inc. (Citibank) of some $74 million.
The Department of Justice said Tuesday that Nemazee submitted fake documents to Citibank in his name claiming he had accounts with them containing hundreds of millions of dollars.
From the Nemazee Capital Corp. website:
Established in 1987, Nemazee Capital has, directly or through associated entities, invested in a wide variety of businesses: healthcare, media, oil and gas, insurance, investment banking, asset management, newspapers, real estate development, technology, and communications. Hassan Nemazee has more than 30 years of successful investing experience across numerous sectors.
Ironically, the 30 years ofsuccessful investing experience Nemazee claims to have is about the same as the maximum prison sentence of 30 years he could face if found guilty of his current charges.