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Who says big-time white-collar crimes need to be executed by high-flying New York City-types?
We learn today that alleged big bank Ponzi schemer Hassan Nemazee had help from his brother-in-law, Shahin Kashanchi.
Basically, Kashanchi helped his monied and well-connected relative by creating false account statements, which helped Nemazee apparently rip of Bank of America, Citibank and HSBC for more than $290 million.
DOJ: NEMAZEE’s scheme depended on his use of fraudulent documents, including phony account statements and phony correspondence bearing forged signatures. These fraudulent documents were designed, in substance and in part, to convince the various banks to whom he submitted the documents that NEMAZEE had assets totaling hundreds of millions of dollars and that he had placed many millions of dollars of United States Treasury securities in certain specified accounts as collateral for the loans from the various banks.
Prosecutors say Kashanchi will appear in court Friday in Grand Junction, Colo. He’s charged with two counts of bank fraud, each of which carries a maximum prison term of 30 years and a maximum fine of $1,000,000 or twice the gain or loss resulting from the crime.
That’s probably pretty scary for Kashanchi, 46, who appears to be a laid back dude. And he didn’t charge much to do it: Nemazee paid Kashanchi $500 eight times between 2004 and 2008, according to the affidavit.
How do we know he’s cool?
First, he’s from Telluride, Colorado so he’s probably a ski-bum. Mellowness.
Second, he appears to work at eTECH Broadband, which brings “high-speed solutions for both in-town and far away clients.” An internet guy — cool.
Third, he appears to be a member of “The No Doubt Int. Fan Club.” Very cool.
Finally, just like his brother-in-law, he looks like a Democratic booster — albeit small time — and was “particularly excited” about the Obama campaign. Nice!
Telluride Watch: Shahin Kashanchi, operations manger for eTECH Broadband and owner of the adjoining custom electronics installation company Blue Gecko, is particularly excited about this campaign.
Although he has lived in this country for three decades after leaving his native Iran in order to attend school here, he only recently earned his U.S. citizenship and, along with it, his right to vote.
“The U.S. is in one of the worst states it has ever been,” said Kashanchi, contemplating what it meant to be casting his first vote as an American citizen in an election where the stakes are so high.
“It’s amazing, it’s exciting,” he said. “It’s almost frightening.”
Maybe Kashanchi just got carried away. After all, he seems to be a stickler for compliance at heart: in 1999, he ironically gave $1,000 to the Gore/Lieberman “General Election Legal And Accounting Compliance Fund.”
Here’s the complaint:
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