He’s a Hillary Clinton donor, too, which would make jim the second major Clinton donor arrested for fraud in just the last two years alone. The first was Norman Hsu, who committed about $20 million in fraud. This guy makes Hsu pale in comparison, accused of fraud more than 3 times that size.

Hassan Nemazee isn’t a small time donor to Democratic causes. He helped raise $500,000 for Obama’s presidential run and once chaired the finance committee for the Democratic Senatorial Campaign Committee.

Hassan Nemazee, chairman of Nemazee Capital Corp. and a fundraiser for President Obama and Hillary Clinton, was arrested on charges that he tricked Citigroup Inc. into lending him as much as $74 million using phony documents.

Nemazee got the loan by telling Citibank that he held accounts with hundreds of millions of dollars which could serve as collateral, U.S. Attorney Preet Bharara said today in a statement. He used fake addresses and phone numbers to mislead the bank, prosecutors said.

The accounts “either never existed or had been closed years before Nemazee submitted the documents referencing those accounts,” Bharara said in the statement.

Nemazee, 59, repaid the loan to Citibank yesterday, a day after he was interviewed by Federal Bureau of Investigation agents, prosecutors said. The interview took place at Newark Liberty International Airport as Nemazee was checking in for a flight to Rome.

This guy was/is a big-wig in Democratic Party politics. He was the national finance chair for Hillary Clinton for President, the DSCC, and the New York Finance chair for John Kerry for President. He was also nominated by Bill Clinton back in 1999 as the ambassador to Argentina.

As mentioned above, Nemazee raised over a half-million dollars for Obama’s campaign and helped bundle money to pay for the new president’s inauguration. So he’s no small-time donor to liberal causes.

More: Ace of Spades, Hot Air, Michelle Malkin, and Moe Lane.