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Campaign Fundraiser Pleads Guilty to Fraud

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A former fundraiser for President Barack Obama, Hillary Rodham Clinton and U.S. Senator John Kerry has pleaded guilty in a federal bank fraud case.

Hassan Nemazee entered the plea at a federal courthouse in Manhattan. He admitted to three counts of bank fraud and one count of wire fraud. The plea deal calls for him to serve at least 15 years in prison.

Nemazee was indicted last year on charges that he used fake collateral to obtain more than $290 million in loans from major banks. Prosecutors called it a Ponzi scheme.

Nemazee was the national finance chairman of Clinton's 2008 presidential campaign.