SubscribeBiden’s Brother And Son Accused Of Fraud
From (of all places) the Washington Post:
Biden’s Son, Brother Named in Two Suits
By Kimberly Kindy and Joe Stephens
Sunday, August 24, 2008; Page A09A son and a brother of Sen. Joseph R. Biden Jr. (D-Del.) are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour, court records show.
The Democratic vice presidential candidate’s son Hunter, 38, and brother James, 59, assert instead that their former partner defrauded them by misrepresenting his experience in the hedge fund industry and recommending that they hire a lawyer with felony convictions.
The legal actions have been playing out in New York State Supreme Court since 2007, and they focus on Hunter and James Biden’s involvement in Paradigm Companies LLC, a hedge fund group. Hunter Biden, a Washington lobbyist, briefly served as president of the firm.
A lawsuit filed by their former partner Anthony Lotito Jr. asserts in court papers that the deal was crafted to get Hunter Biden out of lobbying because his father was concerned about the impact it would have on his bid for the White House. Biden was running for the Democratic nomination at the time the suit was filed.
Hunter Biden was made president with an annual salary of $1.2 million, despite his inexperience in the hedge fund industry, the lawsuit said. Before that, he had been part of the Washington law firm Oldaker, Biden & Belair, which earned $1.76 million in lobbying revenue in the first half of 2006, according to Congressional Quarterly’s CQ MoneyLine. One of its biggest clients is the National Association of Shareholder and Consumer Attorneys, a District-based group representing law firms specializing in investment and corporate law.
Hunter Biden is one of many children and relatives of prominent members of Congress who have made their careers as lobbyists. He returned to lobbying after less than a year with Paradigm.
Lotito’s lawsuit alleges that James Biden called him in January 2006 to arrange a job for Hunter Biden. It says James Biden told him that his brother (Sen. Biden) “was concerned with the impact that Hunter’s lobbying activities might have on his expected campaign for the 2008 Democratic presidential nomination,” and, “Biden told Lotito that, in light of these concerns, his brother had asked him to seek Lotito’s assistance in finding employment for Hunter in a non-lobbying capacity.” …
In the hedge fund business deal, Lotito and the Bidens created a company called LLB Holdings USA and together agreed to pay $21.3 million for 54 percent interest in Paradigm.
In the lawsuit, Lotito said that soon after creating LLB, the Bidens crafted a “secret deal” to create their own company that was designed to buy out his shares in Paradigm for a low rate, to which he agreed. He said he knew nothing of the secret deal until later and now believes he was defrauded out of millions of dollars and his share in the company.
In the second lawsuit against the Bidens, which was filed in June, Lotito is also named as a defendant. Stephane Farouze, now an executive with Deutsche Bank, seeks $10 million, saying the Bidens and Lotito promised to buy his shares in the hedge fund company but reneged.
So Biden’s relatives are not clean. Are they articulate?
Still, isn’t it odd how Democrats always put themselves, their siblings and children into jobs like hedge funds?
See John “Lover Lips” Edwards and Chelsea Clinton, for starters.
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7 Responses to “Biden’s Brother And Son Accused Of Fraud”
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August 25th, 2008 at 4:03 pm
Check the money flow:
Commercial banks:
Barack Obama (D) $1,950,334
John McCain (R) $1,849,074
Hedge funds & Private equity:
Barack Obama (D) $1,865,563
John McCain (R) $1,387,915
Securities and Investment:
Barack Obama (D) $9,262,732
John McCain (R) $6,828,502
And no surprise here:
Lawyers:
Barack Obama (D) $21,746,468
John McCain (R) $7,672,707
http://www.opensecrets.org/pre.....cycle=2008
Tom
August 25th, 2008 at 5:41 pm
What? You mean this is not on the front page of the NYSlimes or the LASlimes? Why not?
When one of the Bush twins was caught trying to drink a beer at Chey’s in Austin (a famous UT watering hole on 6th St) it was all over the front pages of every newspaper in the nation. I mean, after all, what a scandal that a 20 year old university student was trying to drink a beer in a club that my daughter and son started going to when they were 18. At any given night, half the crowd there is under 21/yrs of age.
Nah, that was much, much worse.
And since Obama has such a hatred for lobbyists (although he has a number of “Illinois” lobbyists on his staff) will the Biden Boys be barred from the circus in Denver?
August 25th, 2008 at 8:06 pm
…..”Hunter Biden was made president with an annual salary of $1.2 million…..”
And here we’re already being fed a steady diet of how Joe (Saint) Biden is just one of the regular ol’ blue collar crowd. I’m tellin’ ya, it’s impossible to shame these asshats.
August 25th, 2008 at 8:49 pm
“What? You mean this is not on the front page of the NYSlimes or the LASlimes? Why not?”
Nope. It was even buried on page NINE of the Washington Post — on a sleepy August summer morn.
After all, who would be interested in Joe Biden news?
August 25th, 2008 at 10:03 pm
I am so pleased that Joe has been been chosen as the future VP to the Obama Nation. Now we can better keep an eye on old “Vocal Joe” I love to hear him ramble on Just watch it when he places his hands to his forehead. He may be having one of his Lon Chaney moments.
http://curbsideview.blogspot.c.....trick.html
curbside view: Joe Biden does his Lon Chaney trick
August 27th, 2008 at 10:32 pm
Hey, is this the son who introduced Biden?
August 27th, 2008 at 10:35 pm
No, they trotted out the son that is not about to be indicted to introduce Dad. Funny, they didn’t even mention that two family members are under investigation for FRAUD.