James Biden received a $600,000 loan from Americore based on the promise that his name could attract Middle Eastern funding, which never materialized.
The loan was provided without documentation and a lawsuit was filed against him demanding repayment.
James Biden wired $200,000 to President Biden, at a time that raises questions about the financial arrangement. (Trending: FBI Bribery Probe Caught Joe Biden’s Brother On Tape)
However, there is no evidence of President Biden’s involvement in his brother’s business dealings.
Carol Fox, a Chapter 11 trustee for the financially distressed hospital operator, said to members of the House Oversight Committee, that James Biden made “representations that his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections.”
The suit demanded that the $600,000 loan be paid back to Americore. In a transcribed interview with the committee, Fox said she didn’t see records or documents of the loan from Americore.
In March of 2018, Americore reportedly wired a $200,000 loan into the personal accounts of James and Sara Biden.
James Biden reportedly wrote Joe Biden a $200,000 check from the same personal account, on the same day.
“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?” House Oversight Committee Chairman James Comer said.
“Did he have similar financial arrangements with other family members that led them to make similar large payments to him?” asked Comer.
Fox said the $200,000 for Joe Biden could have come from either predatory loans or money that was stolen from senior citizens by James Biden’s business partner, Michael Lewitt.
Americore’s Chapter 11 trustee considers the $350,000 settlement with James Biden fair and equitable.
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