Hassan Nemazee
Encyclopedia
Hassan Nemazee styled himself as a multimillionaire Iranian-American
investment banker. Nemazee was born in Washington, D.C. on January 27, 1950 and attended Landon School
, graduating in 1968. He received his Bachelor of Arts (BA) degree with Honors from Harvard University
in 1972. Nemazee has not returned to Iran since the Iranian revolution
. Most of his family's property was seized by the new Iranian government. On August 25, 2009 Nemazee was arrested for fraudulently applying for a loan of over $74 million from Citigroup. The maximum penalty for the offense is 30 years in prison. He was subsequently accused of fraudulently obtaining $292 million of loans from three banks and of using the proceeds to both support his lifestyle and make political contributions
Nemazee is the brother of Susie Nemazee, the wife of the British Ambassador in Paris, Sir Peter Westmacott
.
Nemazee is the Chairman of Nemazee Capital. Based upon the allegations of fraud contained in Mr. Nemazee's indictment, it is difficult to determine what legitimate business, if any, was ever conducted by Nemazee Capital.
Nemazee claims to have created Nemazee Holdings in the early 1970s and entered the financial services industry by partnering directly with AIG; at the time, according to information supplied by Nemazee, it was unique for the insurance giant to enter into such a relationship. Around this same time Nemazee claims to have created a joint venture for the establishment of a bank with Morgan Guaranty Trust Company, predecessor to JP Morgan & Co. Nemazee Capital evolved out of Nemazee Holdings and originally focused on real estate development.
Please note: The majority of information contained in this entry, especially concerning Mr. Nemazee's alleged business achievements and interests cannot be verified and must be evaluated in light of his recent arrest for fraud and grand larceny.
During the United States presidential election, 2004
, Nemazee was a supporter of John Kerry
and a major contributor to his campaign. He was the New York Finance Chair for the Kerry campaign, and is currently the national finance chairman of the Democratic Senatorial Campaign Committee
. With Nemazee as the national finance chair, Chuck Schumer's DSCC in 2006 raised $115 million, outpacing the NRSC by substantial sums, and helping the Democratic Party take control of the Senate. During his presidency, Bill Clinton
nominated Nemazee to fill the position of U.S. Ambassador to Argentina
. Due to Congressional concerns about Nemazee's convoluted and controversial business dealings, the nomination was subsequently withdrawn
More recently, Nemazee served as Finance Chairman to Hillary Clinton's 2007-08 presidential campaign, and also donated $50,000 (the maximum amount) to Barack Obama's Presidential Inaugural Committee. In addition, Nemazee was a bundler for the 2009 Presidential Inaugural Committee.
Nemazee, and his family, have long been involved with philanthropic endeavors in pursuit of advanced healthcare. Nemazee Hospital was founded by Hassan Nemazee’s father, Mohamed Nemazee, who was born in 1896 in Bombay, India, to Iranian parents residing in the Far East. He was primarily a self-educated man who built a considerable fortune through a successful shipping enterprise based in Hong Kong between the two world wars.
In 1953, when Nemazee Hospital and Nemazee School of Nursing were inaugurated, they were state-of-the art facilities. By this time, Nemazee had donated $10 million (equivalent to $100 million dollars today) of his own money, all derived from his shipping business in Hong Kong, to construct and maintain the medical facility and water works.
Nemazee Hospital, Nemazee School of Nursing, and surrounding facilities also indirectly laid the groundwork for the development of a full-fledged university system constructed on the American model. In 1960, Shah Mohamed Reza Pahlavi commissioned a study that selected Shiraz instead of Tehran as the site for an Iranian university; the primary reason was that the Nemazee medical center complex provided the best base on which to build. Shiraz University was thus created and became the most advanced, western style academic institute in the Middle East.
Nemazee's additional frauds exceed $100 Million, according to Federal prosecutors
In July 2010 he was convicted of multiple counts of bank fraud
and wire fraud
and was sentenced to 12½ years in prison by U.S. District Court Judge Sidney H. Stein
in the United States District Court for the Southern District of New York
in Manhattan. The sentence was lighter than the 15½ to 19½ years that prosecutors had wanted.
Iranian-American
Iranian-Americans are Americans of Iranian ancestry or people possessing Iranian and American dual citizenship.Iranian-Americans are amongst the most highly educated groups in the United States...
investment banker. Nemazee was born in Washington, D.C. on January 27, 1950 and attended Landon School
Landon School
The Landon School is a private, nonsectarian, college preparatory school for boys in grades 3-12, with an enrollment of approximately 675 students. The school sits on in Bethesda, Maryland, just outside of Washington, D.C.-Background:...
, graduating in 1968. He received his Bachelor of Arts (BA) degree with Honors from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1972. Nemazee has not returned to Iran since the Iranian revolution
Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...
. Most of his family's property was seized by the new Iranian government. On August 25, 2009 Nemazee was arrested for fraudulently applying for a loan of over $74 million from Citigroup. The maximum penalty for the offense is 30 years in prison. He was subsequently accused of fraudulently obtaining $292 million of loans from three banks and of using the proceeds to both support his lifestyle and make political contributions
Nemazee is the brother of Susie Nemazee, the wife of the British Ambassador in Paris, Sir Peter Westmacott
Peter Westmacott
Sir Peter John Westmacott, KCMG, LVO is a senior British diplomat, currently serving as HM Ambassador to the French Republic....
.
Nemazee is the Chairman of Nemazee Capital. Based upon the allegations of fraud contained in Mr. Nemazee's indictment, it is difficult to determine what legitimate business, if any, was ever conducted by Nemazee Capital.
Business Interests
Nemazee Capital was established in 1987 and was purported, on its website, to have, either directly or through associated entities, invested in the following sectors: health care, media, oil and gas, insurance, investment banking, asset management, newspapers, real estate development, technology, and communications.Nemazee claims to have created Nemazee Holdings in the early 1970s and entered the financial services industry by partnering directly with AIG; at the time, according to information supplied by Nemazee, it was unique for the insurance giant to enter into such a relationship. Around this same time Nemazee claims to have created a joint venture for the establishment of a bank with Morgan Guaranty Trust Company, predecessor to JP Morgan & Co. Nemazee Capital evolved out of Nemazee Holdings and originally focused on real estate development.
Please note: The majority of information contained in this entry, especially concerning Mr. Nemazee's alleged business achievements and interests cannot be verified and must be evaluated in light of his recent arrest for fraud and grand larceny.
Political Involvement
Nemazee was, prior to his arrest, also known as one of the top political bundlers in the United States.During the United States presidential election, 2004
United States presidential election, 2004
The United States presidential election of 2004 was the United States' 55th quadrennial presidential election. It was held on Tuesday, November 2, 2004. Republican Party candidate and incumbent President George W. Bush defeated Democratic Party candidate John Kerry, the then-junior U.S. Senator...
, Nemazee was a supporter of John Kerry
John Kerry
John Forbes Kerry is the senior United States Senator from Massachusetts, the 10th most senior U.S. Senator and chairman of the Senate Foreign Relations Committee. He was the presidential nominee of the Democratic Party in the 2004 presidential election, but lost to former President George W...
and a major contributor to his campaign. He was the New York Finance Chair for the Kerry campaign, and is currently the national finance chairman of the Democratic Senatorial Campaign Committee
Democratic Senatorial Campaign Committee
The Democratic Senatorial Campaign Committee is the Democratic Hill committee for the United States Senate. It is the only organization solely dedicated to electing Democrats to the United States Senate. The DSCC's current chair is Sen. Patty Murray, who succeeded Sen. Robert Menendez following...
. With Nemazee as the national finance chair, Chuck Schumer's DSCC in 2006 raised $115 million, outpacing the NRSC by substantial sums, and helping the Democratic Party take control of the Senate. During his presidency, Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
nominated Nemazee to fill the position of U.S. Ambassador to Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
. Due to Congressional concerns about Nemazee's convoluted and controversial business dealings, the nomination was subsequently withdrawn
More recently, Nemazee served as Finance Chairman to Hillary Clinton's 2007-08 presidential campaign, and also donated $50,000 (the maximum amount) to Barack Obama's Presidential Inaugural Committee. In addition, Nemazee was a bundler for the 2009 Presidential Inaugural Committee.
Board Associations
Nemazee is involved with the following business, charitable, international, and political organizations:- RAND Center for Middle East Public Policy Advisory Board 2006
- Member, Advisory Board Foreign Policy Leadership Council - 2004
- Member, Council on Foreign Relations - 2004
- Member, Board of Trustees, Asia Society - March 2003
- Member, Asia Society Policy Advisory Board
- Member, Advisory Board of the National Security NetworkNational Security NetworkThe National Security Network is a non-profit foreign policy organization headquartered in Washington, D.C. that focuses on international relations, global affairs and national security...
- Member, Visiting Committee of the Center for International Affairs, Harvard University 1998–2005
- Member, Visiting Committee on University Resources, Harvard University 1986–2002
- Member, Middle East Center Advisory Council at Harvard University 1990–1994
- Member, International Affairs Planning Committee, Harvard University 1990–1995
- Vice Chairman, Encyclopædia Iranica affiliated with Columbia University 1990–1998
- Member, Board of Trustees of Iranian American Political Action Committee 2007–2009
- Member, Board of Trustees of The Spence School 1993–1997
- Member, Board of Trustees of The Brain Trauma Foundation 1996–present
Nemazee Hospital and Nemazee Family Philanthropy
Hassan Nemazee is active in several philanthropic endeavors, serving on several charitable boards.Nemazee, and his family, have long been involved with philanthropic endeavors in pursuit of advanced healthcare. Nemazee Hospital was founded by Hassan Nemazee’s father, Mohamed Nemazee, who was born in 1896 in Bombay, India, to Iranian parents residing in the Far East. He was primarily a self-educated man who built a considerable fortune through a successful shipping enterprise based in Hong Kong between the two world wars.
In 1953, when Nemazee Hospital and Nemazee School of Nursing were inaugurated, they were state-of-the art facilities. By this time, Nemazee had donated $10 million (equivalent to $100 million dollars today) of his own money, all derived from his shipping business in Hong Kong, to construct and maintain the medical facility and water works.
Nemazee Hospital, Nemazee School of Nursing, and surrounding facilities also indirectly laid the groundwork for the development of a full-fledged university system constructed on the American model. In 1960, Shah Mohamed Reza Pahlavi commissioned a study that selected Shiraz instead of Tehran as the site for an Iranian university; the primary reason was that the Nemazee medical center complex provided the best base on which to build. Shiraz University was thus created and became the most advanced, western style academic institute in the Middle East.
Arrest
Hassan Nemazee was arrested on August 25, 2009 for allegedly defrauding Citi bank by using false documents to secure a loan.Nemazee's additional frauds exceed $100 Million, according to Federal prosecutors
In July 2010 he was convicted of multiple counts of bank fraud
Bank fraud
Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently representing to be a bank or financial institution. In many instances, bank fraud is a criminal offense...
and wire fraud
Wire fraud
Mail and wire fraud is a federal crime in the United States. Together, 18 U.S.C. §§ 1341, 1343, and 1346 reach any fraudulent scheme or artifice to intentionally deprive another of property or honest services with a nexus to mail or wire communication....
and was sentenced to 12½ years in prison by U.S. District Court Judge Sidney H. Stein
Sidney H. Stein
Sidney H. Stein is a United States federal judge. He assumed senior status on September 1, 2010.Born in Passaic, New Jersey, Stein was a New York Army National Guard from 1969 to 1975. He received an A.B. from Princeton University in 1967 and attended the New York University Graduate School of...
in the United States District Court for the Southern District of New York
United States District Court for the Southern District of New York
The United States District Court for the Southern District of New York is a federal district court. Appeals from the Southern District of New York are taken to the United States Court of Appeals for the Second Circuit The United States District Court for the Southern District of New York (in case...
in Manhattan. The sentence was lighter than the 15½ to 19½ years that prosecutors had wanted.
External links
- "Rehabilition in Iran" from the New York Times
- "Iranian Hospital Center Said To Rival Best In U.S." from the New York Times
- "U.S.-Type Hospital Dedicated By Shah" from the New York Times
- "A nod for envoy to Argentina" from Iranian.com
- "Blue in Your Face: Can the Democrats stay united long enough to take back the Senate? At least it's easier for them to raise money now" from New York Online Magazine
- "Obama shares fundraisers with Clinton" from USA Today
- "Clinton, Obama Could Help Each Other Financially" from USA Today
- "Clinton Asks Top Donors to Meeting With Obama" from the AP
- "Hassan Nemazee, Nemazee Capital Corporation’s Chairman and CEO Arrested this Morning" from www.BackgroundNow.com
- http://www.ft.com/cms/s/0/ca765e34-75d4-11e0-82c6-00144feabdc0.html#axzz1LTKcN44s. FT Comment. Our ambassador to Paris, Sir Peter WestmacottPeter WestmacottSir Peter John Westmacott, KCMG, LVO is a senior British diplomat, currently serving as HM Ambassador to the French Republic....
, soon to be Ambassador in Washington, is married to Susie Nemazee, an Iranian-American. Lady Westmacott is the sister of Hassan Nemazee.