Posted on 02/23/2009 10:04:01 PM PST by NormsRevenge
(Reuters) – A fund of hedge funds run by two members of U.S. Vice President Joe Biden's family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.
The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said.
Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.
Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James, according to the paper.
Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.
He told the paper the Bidens never met or communicated with Stanford.
(Excerpt) Read more at news.yahoo.com ...
quick. look surprised.
Leave it to the Bidens to squeeze money *out* of a con artist. Thieves targeting some Dems should check their own pockets after burglarizing a Biden house...
ping
And then he said........."duh."
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.