A wealthy investment banker and prominent fundraiser for President Obama, Hillary Rodham Clinton and other top Democrats was arrested on charges of lying to get a $74-million business loan that, after authorities confronted him, he hastily repaid.
Prosecutors accused Hassan Nemazee, 59, of giving Citibank "fraudulent and forged" documents showing he owned millions of dollars' worth of collateral.
A federal judge in Manhattan ordered Nemazee to spend the night in jail. He was to be fitted with an electronic monitoring device and put under house arrest today as part of a $25-million bail package secured by property, including a $20-million Park Avenue apartment.
Prosecutors said FBI agents stopped the financier on Sunday at Newark Liberty International Airport as he prepared to board a flight to Rome. They said he paid off the loan the next day.