Joe Biden used $200K from his brother’s company, which faced fraud allegations, to pay off a loan.
Bank records obtained by the House Committee on Oversight and Accountability reveal an intriguing financial transaction involving President Joe Biden and his brother James Biden. On March 1, 2018, James Biden’s health care company, Americore, wired a loan of $200,000 into the personal bank account of James and his wife Sara. Interestingly, on the same day, President Biden received a check for the exact same amount from his brother.
In January 2020, the FBI raided the home of Americore’s CEO Grant White and a rural hospital in Pennsylvania that the company was operating. The company eventually declared bankruptcy, and a federal trustee accused White of misusing funds for personal gain. James Biden, who claimed to be a “principal” at Americore, failed to deliver promised investments to the company, leaving it in financial distress.
Furthermore, a lawsuit accusing James Biden and his business partners of fraud highlights his reliance on his brother’s political connections to attract foreign investors. The lawsuit claims that James Biden promised potential investors from Dogan Holding, a major Turkish conglomerate, that he could secure their investments due to his brother’s influence. However, these investments never materialized.
Grant White, the CEO of Americore, confirms that James Biden frequently used his brother’s political connections to his advantage. According to White, James Biden boasted about his ability to open any door in the country and claimed to have close relationships with influential figures like the head of Google. He presented himself as a key fundraiser for his brother’s campaigns, leveraging his connections to raise money.
Despite Americore’s financial struggles, James Biden managed to convince the company to divert $650,000 to him in the form of personal loans. He approached Grant White, citing damage to his vacation home caused by Hurricane Irma and the need to repay a loan secured by the property. White, considering James Biden a friend, tried to help him solve his financial problems.
According to White, Biden approached him in January 2018, expressing concern about the damage to his Florida vacation home and the impending loan repayment. Biden’s six-bedroom vacation home on Keewaydin Island near Naples, Florida, was purchased for $2.5 million in 2013. However, he faced financial difficulties and even received a lien from the IRS for unpaid taxes. Eventually, the house sold for a significantly lower price after sustaining hurricane damage.
While it is possible that James Biden sought to repay a loan from his brother, sources suggest that the personal loan in question may have come from a controversial lawyer named Dickie Scruggs, known for his involvement in a tobacco settlement case. Scruggs hired James Biden’s lobbying firm, The Lion Hall Group, to advocate for legislation related to the settlement. Although Joe Biden supported the legislation, it did not pass.
James Biden has a history of borrowing money from friends and business associates. For instance, he received a $500,000 loan from Ukrainian-American businessman John Hynansky, who also donated to Joe Biden’s campaigns. This loan coincided with James Biden’s financial difficulties related to his vacation home.
The $650,000 in personal loans from Americore to James Biden were never repaid, leading to the company’s bankruptcy and the closure of several hospitals. In light of these revelations, House Committee on Oversight and Accountability Chairman James Comer, R-Ky., is demanding answers from President Biden regarding the financial arrangement with his brother. The committee plans to conduct further investigations and follow the money trail.
Some immediate questions President Biden must answer for the American people:
- Does he have documents proving he lent such a large sum of money to his brother and what were the terms of such financial arrangement?
- Did he have similar financial arrangements with other family members that led them to make similar large payments to him?
- Did he know that the same day James Biden wrote him a check for $200,000, James Biden had just received a loan for the exact same amount from business dealings with a company that was in financial distress and failing?
The House Oversight Committee will soon announce our next investigative actions and continue to follow the money.
The bank records don’t end here.
There is more to come.
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In what ways did James Biden leverage his brother’s political position for personal benefit, as evidenced by the lawsuit accusing him of fraud and Grant White’s statements about his exploitation of Biden’s influence and misleading potential investors
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These revelations raise questions about the ethical implications surrounding the financial transactions between President Joe Biden and his brother James. The timing of the wire transfer and the check, both on the same day, raises suspicions of possible coordination and undisclosed financial dealings.
The FBI raid on Americore and the subsequent bankruptcy of the company further highlight the questionable nature of James Biden’s involvement. The federal trustee’s accusations of fund misappropriation and James Biden’s failure to deliver promised investments not only cast doubt on his professional integrity but also raise concerns about his potential misuse of political connections for personal gain.
The lawsuit accusing James Biden of fraud brings to light a troubling pattern of leveraging his brother’s political position for personal benefit. The reliance on Biden’s influence to attract investors and the failure to deliver on these investments amount to deceptive practices and false promises.
The statements made by Grant White, CEO of Americore, affirm the extent to which James Biden capitalized on his brother’s political connections. By presenting himself as a key fundraiser and boasting about his ability to open doors, James Biden not only exploited his brother’s position but also misled potential investors about his influence and capabilities.
Additionally, James Biden’s ability to convince Americore to divert substantial amounts of money to him in the form of personal loans raises concerns about potential conflicts of interest and favoritism. Grant White’s willingness to assist James Biden, despite the financial struggles of the company, suggests a level of personal connection and influence that may have compromised the company’s financial stability.
The involvement of a controversial lawyer, Dickie Scruggs, in James Biden’s financial affairs further adds to the complexity of the situation. If the personal loan did indeed come from Scruggs, it raises questions about the nature of their relationship and the potential influence Scruggs may have had over James Biden.
In light of these revelations, it is crucial for a thorough investigation to be conducted to determine the legality and ethics of the financial transactions between President Joe Biden and his brother James. Transparency and accountability are vital in order to maintain public trust and ensure that public officials are held to the highest standards of integrity.
This article serves as a call for a comprehensive examination of the financial dealings involving President Joe Biden and James Biden. The American people deserve to know the truth and have confidence in the integrity of their elected officials.
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