Democrat fundraiser in Citigroup fraud probe

NEW YORK: A major fundraiser for Barack Obama, Hillary Clinton and other Democrats was charged by federal prosecutors in New York in connection with a scheme to defraud Citigroup.

Hassan Nemazee was accused of one count of bank fraud for allegedly seeking a fraudulent $74 million loan from Citigroup's banking unit, US Attorney Preet Bharara and the Federal Bureau of Investigation said.

Nemazee was released yesterday on $25 million bond and confined to his apartment on Park Avenue in Manhattan, with no access to computers. The bond is secured by the apartment and another home in Katonah, New York.