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The brother-in-law of New York businessman and prominent Democratic fund-raiser Hassan Nemazee was charged Friday with allegedly helping Mr. Nemazee in a scheme to defraud three banks out of $292 million in loans.

Shahin Kashanchi, 46 years old, of Telluride, Colo., has been charged with two counts of bank fraud. He faces up to 30 years in prison on each fraud charge if convicted.

A lawyer for Mr. Kashanchi didn’t immediately return a phone call seeking comment Friday. Mr. Kashanchi is expected to appear in federal court in Grand Junction, Colo., later Friday.

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