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The announcement follows last month’s indictment of Nemazee, head of a private equity firm and an Iranian American Political Action Committee board member, on one count of defrauding Citigroup’s Citibank.

The new indictment adds allegations that he defrauded two other banks, Bank of America and HSBC Bank USA, in a similar fashion by falsifying documents and signatures to purportedly show he had hundreds of millions worth of collateral.

The office of the U.S. Attorney in Manhattan and the FBI said he used the proceeds of his scheme to make donations to election campaigns of federal, state and local candidates, donations to political action committees and charities.

He bought property in Italy and paid for maintenance on two properties in New York.

His lawyer could not immediately be reached for comment.

As of August 2009 Nemazee owed Bank of America about $142 million and owed Citibank about $74.9 million, the indictment said. He drew on a line of credit he fraudulently obtained from HSBC to pay the Citibank loan.

Nemazee, 59, typically donates more than $100,000 annually to Democratic political candidates. He is listed as one of the top “bundlers” of contributions to Obama’s 2008 presidential campaign, according to OpenSecrets.org, a website run by the Center for Responsive Politics research group.

“For more than 10 years, Hassan Nemazee projected the illusion of wealth, stealing more than $290 million so that he could lead a lavish lifestyle and play the part of heavyweight political fundraiser,” United States Attorney Preet Bharara in Manhattan said in a statement.

Nemazee was arrested at Newark Liberty International Airport in New Jersey on August 23 as he was checking in for a flight to Italy, according to court papers. He was released on bail.

If convicted on three counts of bank fraud, Nemazee faces up to 30 years in prison and millions of dollars in fines. He is also charged with identity theft.

It was inevitable that weapons manufacturers and dealers would weigh in. Now one has. Imagine an aquatic drone, an unmanned boat that could patrol the waters off eastern Africa and allow threats to be assessed and engaged by remote control.

This is an idea proposed by Timothy P. Sheridan, an American arms dealer who has been providing equipment to the Pentagon for the wars in Afghanistan and Iraq. (Sheridan, among other things, has arranged the shipment of tens of thousands of small arms for distribution to Iraqi security forces.)

His latest venture is called Maritime Defense Systems International, LLC., which offers an automated counterpiracy system, as he calls it, that could be outfitted to a vessel and set loose on patrol. The system contains a forward-looking infrared radar for surveillance and target detection, an automated machine gun on a rotating mount and a satellite video uplink that would let a remote operator run the craft from on shore or a work station on a distant ship.

Think, Roboboat. Now think Roboboat run by a trained naval officer, much as Air Force pilots fly Predator and Reaper drones.

In the next several weeks, Sheridan will be testing a preliminary version, which combines several off-the-shelf products, on a GB-12 patrol craft from Radix Marine, a boat manufacturer in Yakima, Wash. The first tests will be on manned vessels, with the system operated by joystick by the crew from within.

“Since the advent of the space-age over five decades ago, more than thirty-five thousand man-made objects have been cataloged by the U.S. Space Surveillance Network,” the agency notes. “Nearly twenty-thousand of those objects remain in orbit today, ninety-four percent of which are non-functioning orbital debris.”

These figures do not even include the objects too small to count. Hundreds of thousands of these smaller objects are estimated to exist, and as debris hits other debris, it creates even more small pieces, exponentially increasing the objects that could threaten satellites and spacecraft.

Space debris has long been a concern as the number of satellites in orbit has increased over the years. But the issue was again highlighted in 2007, when a Chinese anti-satellite missile test created a massive debris field of some 40,000 pieces. The next year, the U.S. conducted its own shoot down of an errant satellite, creating yet another field of debris. The concern is that these pieces of debris could strike satellites, or a manned spacecraft, like the International Space Station. It doesn’t take much to cause a catastrophe; even something as small as a paint chip could prove potentially disastrous if it struck the space shuttle.

The new count is about 10 percent higher than what scientists had predicted just a few years ago, because earlier research underestimated Alzheimer’s growing impact in developing countries.

Barring a medical breakthrough, the World Alzheimer Report projects dementia will nearly double every 20 years. By 2050, it will affect a staggering 115.4 million people, the report concludes.

For months rumours of share-ramping, market manipulation, excessive loans to their owners and unusual transfers off-shore have been circling Kaupthing, Glitnir and Landsbanki, whose failure last October left 300,000 British customers unable to access their money.

It has now become clear that this was no ordinary crash. Iceland’s special investigation into “suspicions of criminal activity” at the three banks is likely to stretch from Reykjavik to London, Luxembourg and the British Virgin Islands.

Eva Joly, the French-Norwegian MEP and fraud expert hired by Iceland and now working with the Serious Fraud Office, now believes it will be “the largest investigation in history of an economic and banking bank collapse”.

Many of the banks’ secrets are likely to be inextricably bound up with corporate Britain and the success of these investigations in tracing and recovering assets is likely to affect every UK household.

Local authorities lost £1bn – or 5pc of all the money from council tax – in the over-leveraged institutions, leaving many facing the prospect of drastic cuts in services or steep hikes next year as they wait for the proceeds of the banks’ administration to dribble through.

Although the Treasury can barely afford the UK’s own bailout, it was forced to pay out £7.5bn to British savers who had internet accounts with Landsbanki’s Icesave and Kaupthing’s Edge with the uncertain prospect of getting the money back.

It now looks like Icelandic MPs will agree to pay £2.3bn to the Treasury to reimburse British savers up to the value of 20,887 euros (£18,054).

Not only did local authorities, charities and savers have billions tied up in its bank accounts, but a number of the City’s wealthiest investors, from Robert Tchenguiz and the Candy Brothers to Kevin Stanford and Simon Halabi received hefty corporate loans from these insititutions.

Marino and his mother, Janette Kaddo Marino, left for school by bicycle on Wednesday morning, as they often do in good weather, despite a phone call placed to students’ homes by school officials, asking parents not to allow students to walk or ride bikes to school.

After a cold reception on Wednesday, local transportation advocates are rallying around the family, and plan to accompany the pair to school today in a bid to bolster calls for a policy change.