Former Obama and Dem fund-raiser admits bank fraud in a Ponzi scheme

The New York Times reports:

A wealthy businessman who raised money for leading Democratic Party politicians, including Barack Obama and Hillary Clinton, pleaded guilty on Thursday to defrauding three major banks out of $292.2 million in loan transactions, Reuters reported.

Hassan Nemazee, 60, who once ran a private equity firm, admitted in Manhattan federal court to defrauding Bank of America of more than $142 million, Citigroup of $74.9 million and HSBC Holdings of $74.9 million to pay his debt to Citigroup.

A top Obama bundler in 2008. Here's the AP.