Former Vice President Joe Biden’s brother James is facing allegations of possible fraud, anew report says.
James Biden’s business with medical companies has prompted allegations that he engaged in fraud and traded on his brother’s name by claiming the family name could provide opportunities to advance business, Politico reports.
“In the weeks since the raid, two small medical firms that did business with James Biden have claimed in civil court proceedings to have obtained evidence that he may have fraudulently transferred funds from Americore ‘outside of the ordinary course of business,’ and a former Americore executive has told POLITICO that James Biden had more than half a million dollars transferred to him from the firm as a personal loan that has not yet been repaid,” Politico wrote.
But recent filings in ongoing legal proceedings, along with new accounts provided to POLITICO by former executives of Americore and others, point to potential pitfalls for the former vice president, painting the fullest picture to date of James Biden’s health care dealings and the ways in which they allegedly related to his older brother. In 2017 and 2018, James Biden was embarking on a foray into health care investing, telling potential partners, including at Americore, that his last name could open doors and that Joe Biden was excited about the public policy implications of their business models, according to court filings and interviews with James’ former business contacts.
Tom Pritchard, a former Americore executive familiar with the business’ finances, told POLITICO that James Biden’s arrival exacerbated Americore’s financial problems. Holding out the promise of a large investment from the Middle East based on his political connections, James Biden introduced Americore’s founder to his older brother and helped land a bridge loan to Americore from a hedge fund, Pritchard said. But then, Pritchard said, James Biden received a six-figure personal loan out of Americore’s coffers while encouraging the firm to take on greater financial liabilities. The cash infusion from the Middle East never arrived, and, Pritchard says, James Biden has not paid back the loan, the terms of which are unknown.
“It was all smoke and mirrors,” Pritchard said.
This is the latest Biden to face allegations of trading on the family name.
Hunter Biden admitted last month that he likely got high-paying positions on such boards because “I’m the son of the vice president of the United States.”
Biden told ABC’s “Good Morning America” that it was “poor judgment” on his part to hold the job, which reportedly paid him $50,000 a month. Biden made hundreds of thousands of dollars through his employment with Burisma, the largest private gas company in Ukraine — despite having no real qualifications for the job.
“If your last name wasn’t Biden, do you think you would have been asked to be on the board or Burisma?” ABC News’ Amy Robach asked.
“I don’t know, I don’t know, probably not,” Biden said. “It is impossible for me to be on any of the boards that I just mentioned without saying that I’m the son of the vice president of the United States.”
He went further, saying, “I don’t think that there’s a lot of things that would have happened in my life if my last name wasn’t Biden.”