Bank of America Corp. (NYSE: BAC) and HSBC Holdings (NYSE: HCS) Added to Case Against Obama Fundraiser Hassan Nemazee

The original arrest of Barack Obama’s and Hillary Clinton’s leading fundraiser Hassan Nemazee was for allegedly defrauding Citigroup Inc. (NYSE: C) of $75 million.

In the grand jury indictment, Bank of America Corp. (NYSE: BAC) and HSBC Holdings (NYSE: HCS) were added to the case, bringing the total amount of the fraud case against Nemazee to $292 million for all companies involved.

In a statement from U.S. Attorney Preet Bharara it was said that Nemazee “obtained hundreds of millions of dollars worth of loans from BofA, Citibank, and HSBC,” from 1998 to 2009.

Bharara added that the “Documents and signatures that Nemazee used to obtain these loans, including documents he submitted to purportedly show that he had hundreds of millions of dollars worth of collateral, were fake.”

The motive behind Nemazee’s actions seems to be he wanted be considered a big player in the Democrat fundraising circles, as well as live an extravagant, showy lifestyle.

Nemazee was among the top fundraisers in the Democratic Party, raising a minimum of $100,000 for Hillary Clinton, as well as over $500,000 for Obama after he overcame Clinton in the primary.

Among the other details of the indictment were that it wants Nemazee to give up the $292 million he allegedly defrauded from the three banks, along with his interest in five different real estate properties he invested in.

Nemazee also owned 32 bank accounts, incorporated 16 businesses (or at least some type of holding companies), had 14 security accounts, and owned a 2007 Cessna airplane and a 2008 Maerati Quattroporte, all of which are sought after by the prosecution to be forfeited by Nemazee.

In the indictment, it stated that Nemazee would take out loans from one bank by fraudulent means, and the take out a loan from another bank to pay off those loans. The problem was it was all based on false information from fake account statements so-called “virtual offices,” which Nemazee claimed were connected to brokers-dealers and were backed with collateral.

This is the second major fundraiser for Democrats to be indicted recently, with Norman Hsu also being convicted of making a large amount of illegal donations to the Democratic Party, along with bilking investors out of over $20 million in a giant Ponzi scheme.

For Nemazee, he’s officially charged with three counts of bank fraud, with each one carrying a maximum sentence of up to 30 years in prison. He has also been charged with aggravated identity theft.