More Biden scandal: SEC files lawsuit over business deal involving president’s brother

Corruption. It is the Biden family business.

I believe the "powers that be" have decided the Bidens are no longer useful and may in fact be a liability.

I’m sure President Retard will tell us how wonderful his crooked brother is.

Just like Humper

Somebody send up a flare when any of the Bidens’ go to jail or even to a trial.

Smokescreen.

Due to Hamas attacks on Israelis this news story will disappear shortly.

I believe hat you are 100% correct.

Has anyone investigated the $1 BILLION contract James Biden got to rebuild Iraq when James Biden had ZERO experience in construction?

Joe will pardon Hunter and James.

We went to Marco Island on vacation a few years ago and decided to take the Hemingway Shuttle to Keewaydin. island (which is a short pontoon boat trip). The captain narrated as we went thru the pass and into the gulf, pointing out items of interest. The homes were amazing and worth more than I’d ever make in a lifetime; I heard the captain remark one was a vacation home owned by Jim Biden. All I could wonder was what dirty deed he must have done to have paid for that house?

Makin’ me yearn for the days of “First Brutha Billuh” [Carter]

Hammas has provided a timely diversion.

They need to look into Biden’s sister too. And the rest of the democrat party.

James Biden’s health care ventures face a growing legal morass
Questions are swirling about the business dealings of Joe Biden’s brother.

The messy politics surrounding the business dealings of Joe Biden’s relatives, including his brother James Biden, have made a dent in the presidential contest.

Politico.com, By BEN SCHRECKINGER, 03/09/2020

Excerpt

The Federal Bureau of Investigation raided a health care business linked to Joe Biden’s brother in late January, seizing boxes of documents.

The raid of an Americore Health hospital represented a deepening of the legal morass surrounding James Biden’s recent venture into health care investing at a time when questions about the business dealings of Joe Biden’s relatives, and their alleged connection to the former vice president’s public service, continue to dog his presidential campaign.

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.

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.

Biden held out the promise of a large investment from the Middle East-—influence peddling-—based on his political connections. James Biden introduced Americore’s founder to his older brother Joe, 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.

Biden’s brother touted Biden Cancer Initiative ties in investment pitch

Americore found itself increasingly hamstrung by high-interest loans and unable to pay employees and vendors, a situation that disrupted the operations of the rural hospitals it owns. Now, the business is in bankruptcy court, and federal authorities are circling.

David Randolph Smith, an attorney for James Biden, declined to comment.

Sound familiar? A Biden campaign official said that Joe Biden never discussed Americore with his brother or expressed support for the business. The official said that Americore’s founder, purchased a ticket to a September 2017 fundraiser for the Beau Biden Foundation, an event attended by Joe Biden. “If the two interacted in any way, it would have been a handshake and nothing more,” the official said.

The messy politics surrounding the business dealings of Biden’s relatives, and Pres Trump’s efforts to exploit them, have loomed over the presidential contest for several months, damaging both camps. Trump’s failed attempts to pressure Ukraine’s government to announce an investigation of Biden and his son, Hunter, led to Trump’s impeachment.

Over the course of Joe Biden’s run, reports have trickled out about James, a sometimes business partner of Hunter’s, who has received financial support from people with an interest in influencing Joe and been repeatedly accused of trading on Joe’s clout to advance his business ventures.

Biden has defended his son Hunter and said that his relatives’ business dealings have had no connection to his official duties. But the recent developments related to James Biden’s health care ventures demonstrate that as long as Biden remains in the campaign, the issue of his relatives’ financial dealings is likely to remain as well.

Even before the development surrounding Americore, James Biden’s venture into health care investing has been surrounded by legal allegations and claims that he invoked his brother’s clout.

Last year, two medical services firms jointly sued James Biden and his business partners in federal court in Tennessee, alleging James and his partners promised to provide a large investment from the Middle East, then pushed the firms to make expensive acquisitions, as part of a scheme to drive them out of business and steal their business models. A

s previously reported, those firms alleged that James Biden cited his family’s political connections..... and promised his older brother Joe would promote their health care model .........as part of his 2020 presidential campaign.

Another health care firm sued Platinum Global Partners — a Florida corporation that lists James and his wife Sara as managers — in Palm Beach County in June. The firm, which makes an oral rinse with applications for cancer patients, alleged that Platinum reneged on an agreement to invest in it and requested that Platinum turn over documents related to the Biden Cancer Initiative, a nonprofit founded by Joe Biden to fund medical research. An executive involved in litigation against James Biden previously told POLITICO that, on a call, James said he could get the Biden Cancer Initiative to promote the oral rinse.

The Tennessee case is ongoing. The Palm Beach County case was dismissed without prejudice in November.

James Biden and his partners have denied the central allegations in both cases.

But former executives of Americore offered similar accounts of James Biden....... invoking his brother’s influence and the promise of investment funds from the Middle East...... that never materialized in order to push their firm to grow quickly, taking on new financial liabilities.

The precise nature of James Biden’s relationship to the firm — founded by White, a Canadian investment banker, in 2017 — is contested.

The plaintiffs in the Tennessee case described him as a principal of Americore and entered a business card identifying him as such into evidence.

James Biden has disputed that he is a principal of the firm in court proceedings, though he has not detailed the precise nature of his ties to Americore, which owns hospitals in Pennsylvania, Arkansas and Missouri.

......former Americore executive, who spoke on condition of anonymity out of fear of retaliation, each said James Biden was actively involved in the company during their tenures there. “Jim was operating as a principal or Jim was portraying that,” Pritchard said. “Whether on paper he had any ownership, I’m not 100 percent sure.”

Pritchard said James Biden first became involved with Americore in 2017.......,offering to use his political contacts to help the firm land business and investments.

“He could get us in front of the unions. He could get us in front of certain people in government. He could get us in front of the right people,” recalled Pritchard, who said he was skeptical of plans to involve James Biden in the firm.

A former employee at Pineville Community Hospital in southeastern Kentucky, which was acquired by Americore in 2017, said she got the impression that James Biden was in a top leadership role at Americore when he visited the facility and introduced himself in early 2018.

The other former Americore executive — who left the firm after less than a year over concerns about its business practices that were unrelated to James Biden — recalled that James spoke regularly......... of the ways in which Joe Biden’s presidential aspirations could benefit the firm, and vice versa. “His brother Joe was very interested in rural health care and very interested in veterans’ health care, and it was something he really wanted to get behind,” the former executive recalled James Biden saying. “This would help his brother get elected if it were to take off and go.”

Both former executives recalled James Biden said he would help facilitate a multimillion-dollar investment from the Middle East.

Pritchard said the exact source of the funds was never made clear to him. “That linkage was supposed to come via Jim Biden via whatever influence he had through his brother Joe in the Middle East,” said the other former executive, who worked for Americore in 2018.

The plaintiffs in the Tennessee case allege James Biden and his partners aimed to solicit investments from the state-owned Qatar Investment Authority and met in West Palm Beach with representatives of the Turkish conglomerate Dogan Holding. James Biden and his co-defendants denied the allegation about the Qatar Investment Authority and acknowledged meeting with Dogan.

The former executives also said that James Biden began to set up an office on the second floor of Americore’s headquarters in Fort Lauderdale, Fla.

“It was like a little shrine to him and his brother and [former President Barack] Obama,” recalled Pritchard, who said he clashed with James Biden over James’ requests to be reimbursed for pricey furniture for the office.

The other former executive said that when he saw the office, several framed photos of the Biden brothers and foreign dignitaries sat on the floor, ready to be hung on the walls.

The former executives also described James Biden’s role in soliciting financing for Americore.

Pritchard said James Biden arranged a bridge loan to Americore via his business partner Michael Lewitt’s hedge fund, the Third Friday Total Return Fund.

But Pritchard said he learned that after Americore received the bridge loan, it made a six-figure loan to James Biden for his personal use.

Lewitt declined to comment, but referred to a letter he sent the Ellwood City Ledger blaming White’s alleged use of high-interest loans for Americore’s problems and vowing to restore the firm’s finances and operations.

Americore Health LLC, filed a schedule of assets that included $650,000 due to accounts receivable. Pritchard said that figure referred to the loan repayment owed by James Biden.

Pritchard said that after James Biden received his loan payment from Americore, James reduced his involvement with the firm as its financial difficulties mounted.

“Jim needed to lay low because his brother Joe was possibly running for president, and he didn’t need any bad press,” Pritchard recalled, saying that after James stepped back, Lewitt asked to review Americore corporate documents to ensure they did not bear James’ name.

The other former executive said that not long after he first saw the office being set up for James Biden in mid-2018, the office shrine to the Bidens and Obama was emptied out.

snip

Jim and Sara Biden seen here at a Wh gala, abandoned a clean energy scheme due to ethics problems.

Corruption. Corruption. Without our corruption. We’d be as shaky as...as a Hunter needing his fix.

OMG!!! THAT was UNBELIEVABLE!! And I have NEVER heard ANY of it! THANK YOU!!

ASK LIZ TO INVESTIGATE THAT!!

nypost.com
opinion By Charles Gasparino
Oct. 23, 2012

Crony capitalism & Joe Biden’s brother

James Biden isn’t a big name in the business of residential housing development, so what exactly qualifies him to work at a construction company and share in the winnings of a $1.5 billion project to build affordable homes in Iraq?

If you said it has something to do with his last name, the one shared by his older brother Vice President Joe Biden, you wouldn’t be far off. At least that’s the guess of some Wall Street analysts who cover the Marlton, NJ-based company Hill International and think they’ve seen yet another sordid tale of crony capitalism.

Hill has been around for decades; its main business is managing construction projects in the Middle East and here in America. It’s built a good reputation over the years, as has the father-son team who run it, Irv and David Richter.

But the bursting of the real-estate bubble took its toll; Hill shares are down 80 percent since 2008. Since 2011, the company has reported losses. Its Middle East business has also been stymied by the Arab Spring uprisings; in Libya alone, Hill is out $60 million in payments that it’s still trying to recover.

But it got some good news not long after its housing subsidiary hired James Biden as an executive vice president in late 2010. Just six months later, Hill won one of its biggest contracts ever, a $1.5 billion deal to build at least 100,000 affordable homes in Iraq.

A good deal for Hill, a relative newcomer to building homes — and for James Biden, who as one partner will get a good share of that $1.5 billion.

The deal is contingent on the Iraqi government providing financing, which it has yet to do, but Hill execs tell analysts the money could start flowing by the end of the year. That’s when everyone involved, James Biden included, will start collecting on tens of millions of dollars in profits.

One friend of James Biden’s estimates his net worth at around $7 million, yet he seems to have a remarkable lack of concrete business experience. An attorney who’s done work for him called him a “serial entrepreneur,” but didn’t name the startups he was responsible for.

Hill chief Irv Richter called Biden a “good salesman” and the firm’s Web site describes “40 years of experience dealing with principals in business, political, legal and financial circles across the nation and internationally.”

(James Biden also had a relatively short and somewhat controversial run as a co-owner of a hedge-fund company with Joe’s son Hunter. The company, as it turns out, was marketed by companies controlled by now convicted Ponzi schemer Allen Stanford. Neither Biden was charged, but the fund company is now winding down its operations.)

No, James Biden’s obvious value comes from his connection to the Obama administration. Richter assures me that James’ ties to Joe played no part in landing the plum assignment in Iraq or any of the other government-related jobs Hill has received recently.

Really? Connect these dots: Both the Iraqi government and the Obama State Department played roles in helping Hill win the assignment, Richter concedes. And Joe Biden is President Obama’s point man on Iraq — a country where people expect politicians’ families to be “taken care of.”

Also key is TRAC Development, a South Korean firm that won the master contract for the Iraq work. And — huh! — James Biden and his wife were guests of President Obama and Michelle for last October’s state dinner honoring the president of South Korea, Lee Myung-bak.

All one big coincidence?

Well, Richter insists that, while Biden’s name and connections might open doors when government business is on the line, that doesn’t guarantee success. “If he had the name Obama, he would get in the door easier,” Richter joked.

During this month’s vice-presidential debate, Joe Biden told Americans to just ignore all that stimulus money that went to administration-connected failures like Solyndra. Crony capitalism, he insisted, hardly exists with Joe Biden and Barack Obama watching the store.

Maybe that’s why the veep, after making that dopey statement, was laughing so much that night.

Charles Gasparino is a Fox Business Network senior correspondent.

Love this little episode illustrative of of the corrupt Biden MO.

..... executives of Americore offered similar accounts of James Biden’s influence peddling ....... invoking his brother Joe’s political position of influence and the promise of investment funds from the Middle East...... that never materialized ......in order to push their firm to grow quickly, taking on new financial liabilities.......allowing Jim Biden to get a huge loan he never paid back....

This will sound sickeningly familiar...and I quote:

” A Biden campaign official said that Joe Biden NEVER discussed Americore with his brother or expressed support for the business. The official said that Americore’s founder, purchased a ticket to a September 2017 fundraiser for the foundation of the perpetually resurrected, Beau Biden, an event attended by Joe Biden.”

“If the two interacted in any way, it would have been a handshake and nothing more,” the official said.

Rotflol.