Nemazee Pleads Not Guilty

Looks like another corrupt New York businessman will enjoy the luxuries of house arrest this year. Iranian-American financier Hassan Nemazee pleaded not guilty to $292 million in bank fraud charges in a federal court hearing in Manhattan on Wednesday morning. Earlier this week, Nemazee was indicted for conning the money from three different banks in the form of fraudulent loans. Prosecutors have painted a Madoff-like picture in which Nemazee used the money to live in luxury and fund Democratic political campaigns. Nemazee’s lawyer Paul Schetman emphasized that his campaign donations were “modest and lawful” and should not be the focus of the case. Nemazee was released to his home after today’s hearing and his trial date has not yet been announced.