Major Obama Donor Busted in Bank Loan Scam

Hassan Nemazee, a major fundraiser for Barack Obama and the Democratic party, was arrested on Tuesday after he was caught lying to get a $74 million loan - even though he returned the cash. According to the feds, he secured the loan from Citibank by forging documents claiming to show that he had hundreds of millions of dollars stashed away in various accounts.

Nemazee, an Iranian-American financier, was arrested at Newark Liberty International Airport as he was about to depart for a luxurious Italian vacation. According federal prosecutors, he wired the $74 million to Citibank, but it was already too late.

Nemazee made a brief appearance in Manhattan Federal Court on Tuesday and was then locked up overnight. He is expected to be released sometime Wednesday on a $25 million bond, which was secured by a $20 million Park Ave. apartment and an $8 million estate in Katonah. He will now be fitted with an electronic ankle bracelet and will be confined to his Park Ave. apartment. He now faces 30 years in prison.