Powerhouse Democratic fundraiser Hassan Nemazee was sentenced to 12 years in prison for his $292 million Ponzi scheme. Nemazee, who was Hillary Clinton's national finance chairman for her 2008 presidential campaign, John Kerry's NY finance chairman for his 2004 presidential campaign, and raised $500,000 for Barack Obama in 2008, said in court, "I'm guilty of these crimes. I'm also guilty of hypocrisy. I have spent countless hours trying to understand why and how I came to cross the line: pride, ego, arrogance, self image, self-importance. All were among the reasons I traveled down this destructive path." more ›

New York investor Hassan Nemazee, whose prolific political fundraising for Democrats like Bill Clinton, Hillary Clinton, Barack Obama and Charles Schumer, was released on $25 million bond yesterday. Nemazee is " accused of lying about his assets to obtain a $74 million loan from Citibank." The NY Times further explains, he "orchestrated the fraud by using forged documents showing that he held accounts with collateral worth hundreds of millions of dollars," but the accounts never existed or were closed. Nemazee did end up paying the money back to Citibank on Monday, but was arrested on Tuesday. He is under house arrest—monitoring device plus no computer or Internet access—at his Upper East Side duplex, which the Daily News says is worth $20 million (that plus his $8 million Katonah estate are what's securing his bond). Vice President Joe Biden, Rep. Carolyn Maloney and Sens. Barbara Boxer, Chris Dodd and Schumer told Politico they plan to return his donations. Time has a 2-minute look at Nemazee. more ›