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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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Nemazee Relative Charged With Fraud of HSBC, others

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.

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off