Posted on 02/24/2009 8:41:03 AM PST by jessduntno
Billionaire R. Allen Stanford, accused of masterminding a “massive fraud” through his Stanford Group Co., marketed a fund run by members of U.S. Vice President Joe Biden’s family, according to a Web site.
The Paradigm/SCM Core Alternative Fund, a combination of a fund run by the Biden family’s Paradigm Global Advisors LLC and a Stanford Capital Management entity, was marketed by the Stanford Trust Co., another of Stanford’s units, according to the company’s Web site. The Wall Street Journal earlier reported the links between Stanford’s company and the fund overseen by the Bidens.
Paradigm Global Advisors is run by Biden’s son, Hunter, brother, James, and founder James Park, according to a dismissed lawsuit filed by a former fund executive.
Stanford, 58, faces claims by federal regulators that he defrauded investors while selling $8 billion in certificates of deposit issued by an Antiguan bank. A federal judge has agreed to freeze assets and appoint a receiver to account for investor money.
Some of Stanford’s companies marketed the $50 million fund to investors and also invested about $2.7 million in it, according to Marc X. LoPresti, a lawyer for Paradigm, the Journal reported.
LoPresti didn’t immediately return calls for comment today. Hunter and James Biden also didn’t return calls to New York-based Paradigm seeking comment.
The Bidens were identified as running Paradigm in a lawsuit filed by Charles Provini, the firm’s former president. A federal judge in New Jersey dismissed the suit in October 2008.
(Excerpt) Read more at chron.com ...
No. Zero appoints replacement, Senate then confirms.
Yeah that comment definitely calls for me biting something!
Wow, is your screen name ever interesting in light of current events!
Sounds like Hillary is getting ready to slide on in... Hussein better watch his back!
“Wow, is your screen name ever interesting in light of current events!”
And about 2 dozen of my ancestral relatives (same surname as mine) fought in the Revolution.
Not unless Oreobama nominated her and the Senate confirmed her.
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