Ear to the ground

“He looked like the Octo-mom at nine months.”

– A local woman after spying George Wendt (“Norm” from “Cheers”) at last weekend’s Great American Beer Festival

Ponzi in paradise

Another mini-Madoff has sprouted up in Southwest Colorado. A Telluride man has been arrested on charges that he helped to defraud major banks of hundreds of millions of dollars.

Shahin Kashanchi, a Telluride resident and owner of an electronics installation business, has been implicated in a national Ponzi scheme. Kashanchi allegedly conspired with his brother-in-law Hassan Nemazee, (here’s where it gets really interesting) who happened to be the national finance chairman for Hillary Rodham Clinton’s 2008 presidential campaign. In another twist, Nemazee was a top fund-raiser for the Democratic Party donating upwards of $100,000 to campaigns annually.

According to prosecutors, Kashanchi provided his brother-in-law with fake documents that allowed him to defraud Citibank, HSBC and Bank of America of more than $290 million. The scheme involved using fake account statements and correspondence to obtain massive loans from the banks, according to a report in Bloomberg.com.

Nemazee is currently out on a $25 million bond, and he and Kashanchi both maintain their innocence. However, Telluride’s Kashanchi could face up to 60 years in prison if indicted, while his brother-in-law Nemazee could spend up to 90 years behind bars. Prosecutors also want Nemazee to return the loot and are asking him to forfeit $292 million, five pieces of lavish real estate, 16 corporate entities, one hedge fund, 14 securities accounts, 32 bank accounts, his 2008 Maserati Quattroporte and his 2007 Cessna airplane.

The Ice Age

Durango will jumpstart winter this Friday when Chapman Hill cracks open the first ice of the season.

This season, Parks and Recreation is kicking off ice season with the first-ever Hockey Day. The rink will be available to new youth and adult hockey players free of charge on Sat., Oct. 3, from noon-1:45 p.m. Any new or interested hockey players will have the chance to try on gear and learn to skate. An informal hockey swap will also be held, and current players are encouraged to drop off equipment they’re interested in selling or giving away. Volunteers are also needed to assist new players on the ice. 

For more information or to volunteer for Hockey Day, call 375-7395.




In this week's issue...

July 18, 2024
Rebuilding Craig

Agreement helps carve a path forward for town long dependent on coal

July 11, 2024
Reining it in

Amid rise in complaints, City embarks on renewed campaign to educate dog owners

July 11, 2024
Rolling retro

Vintage bikes get their day to shine with upcoming swap and sale