Iranian-born Hassan Nemazee admitted in Manhattan’s Federal Court to $292 Million dollars in bank fraud yesterday. He defrauded several major banks, such as Bank of America, Citigroup and HSBC. Pleading guilty, Nemazee told U.S. District Judge Sidney Stein, “I am deeply ashamed of my conduct, for the harm that I inflicted on the banks and most especially on my family.” Nemazee, a U.S. citizen after fleeing Iran in 1979, was a major fundraiser for the Democrat Party, including raising campaign money for Barack Obama and Hillary Clinton.

Nemazee pled guilty on three charges of bank fraud and one of wire fraud. He apparently used fake documents to obtain hundreds of millions of dollars in bank loans. Nemazee owned some multi-million dollar properties, as well has stakes in several companies and hedge funds. He claimed that he began to run into financial problems in the 1990s. “It was my intention to repay, but the hole that I dug was larger and I borrowed more.”, he told the court.

Listed as one of Obama’s top ‘bundlers’ of campaign contributions in 2008 by OpenSecrets.org, he typically donated $100,000 regularly to Democrat candidates. Federal prosecutors and the FBI claim that Nemazee did use some of the money obtained through his fraudulent means to make his political donations. The Democrat National Committee will not comment, but has stated before, when Nemazee was first arrested in August of 2009, that some of his donations would be given to charity.

Nemazee is out on a $25 Million dollar bond and will be monitored at his home electronically while awaiting sentencing on June 30. As part of his guilty plea, he has agreed to forfeitures and restitutions, including his business and property interests, a 2008 Maserati Quattroporte and a 2007 Cessna aircraft. He faces a maximum sentence of 30 years, but as he pled guilty, could be sentenced to a period between 15 to 19 years.

One Federal prosecutor, Daniel Levy, told reporters that, “There is a big hole of money we have just not been able to find.”, alluding to the possibility that Hassan Nemazee may still have millions stashed away somewhere. The White House has yet to comment on Nemazee’s campaign contributions to Barack Obama in 2008 following yesterday’s court proceedings and if that money will be restored.