"Instead of complying with his fiduciary responsibilities, Defendant helped Debtors procure an ill-advised bridge loan from a hedge fund that had a deleterious impact on the financial affairs of the Debtor and ultimately forced Debtors into bankruptcy, as he never delivered the promised the large investment from the Middle East," the bankruptcy court document reads. "And worse, Defendant never repaid the Loans to Americore Health, including during the time that Debtors were strapped for cash."
James Biden contested the trustee's characterization claiming that the money was similar in value to the financial and consulting services he provided for the company. The president's brother ultimately agreed to settle the lawsuit for $350,000 in September of last year.
James Biden also ran into more trouble earlier this month when the Securities and Exchange Commission (SEC) filed a lawsuit against a company for a business deal that directly involved the president’s brother. “The complaint was filed last week in the Southern District of Florida against Third Friday Management and a James Biden associate, Michael Lewitt,” Just the News reported.
The SEC alleged that Lewitt participated in “fraudulent conduct and gross breaches of fiduciary duty.” The SEC also said that Lewitt failed to tell investors that he took $30 million from the fund and put the money in companies that invest in distressed healthcare companies.
The circumstantial evidence that Joe Biden benefited from the far-flung business dealings of his family has steadily built up since the 2020 election. Now, citizens have the first direct, concrete piece of evidence that Joe Biden did, in fact, receive a substantial financial benefit from his brother’s dealings with Americore.
The House Oversight Committee is following the money and it appears that the chase has just begun.
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