President Joe Biden's brother Jim was tied to a suspected fraud scheme this week.MEGA©Radar Online (AU)
PresidentJoe Biden’s brother was tied to a potential fraud scheme this week after it was revealed that he allegedly spent a business loan on personal expenses,RadarOnline.comcan report.
In the latest development to come as House Republicansinvestigatethe Biden family’s domestic and international business dealings, it was revealed thatJim Biden, 74, allegedly spent a $125,000 business loan on NFL season tickets, landscaping, and electrical work.
Jim Biden, 74, allegedly used a $125,000 business loan to buy NFL season tickets and other personal expenses.MEGA©Radar Online (AU)
Treasury documents obtained byDaily Mailon Monday revealed that President Biden’s younger brother was named in three Suspicious Activity Reports (SARs) filed by banks to the Treasury Department.
The documents were reportedly uncovered during a separate investigation into Jim’s former business partner,Michael Lewitt.
Lewitt was recentlychargedby the Securities and Exchange Commission with misappropriating $4.7 million from his hedge fund.
According to Daily Mail, the SARs showed that Jim received thousands of dollars in business “loans” as part of Lewitt's suspected scheme.
The development comes as President Biden faces an impeachment inquiry launched by House Republicans last month.MEGA©Radar Online (AU)
A May 2020 SAR filed by investigators at Wells Fargo stated that Jim and his wifeSara's company, Lion Hall, received $125,000 from Lewitt's hedge fund.
Jim Biden allegedly spent part of that $125,000 business loan on season tickets to see the Philadelphia Eagles.
Meanwhile, a lawsuit recently filed by Diverse Medical Management alleged that President Biden’s brother partnered with Lewitt in 2017 and promised loans, foreign investment from Qatar, and political support to help DMM provide mental health services at rural hospitals.
Jim Biden previously came under fire for touting his connections to Joe Biden.MEGA©Radar Online (AU)
Those alleged promises never came to fruition, and DMM's founder –Michael Frey– claimed that Lewitt and Jim "stole" his business plan and "looted" the company.
“It was all a fraud,” Frey charged in a 2019 federal lawsuit, although the parties settled the lawsuit in May 2020. “What followed was a classic fraudulent bait-and-switch.”
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AsRadarOnline.compreviously reported, the president’s brother came under fire earlier this year when it was revealed that hetoutedhis Biden family connections in a 2017 letter to a Qatari prince.
The August 2017letterwas found onHunter Biden’s abandoned laptop in February, and Jim Biden appeared to request a meeting with a Qatari prince in charge of a $170 billion investment fund.
A 2017 letter found on Hunter Biden's abandoned laptop showed Jim Biden requesting a meeting with a Qatari prince.MEGA©Radar Online (AU)
“My family could provide a wealth of introductions and business opportunities at the highest levels that I believe would be worthy of the interest of His Excellency,” President Biden’s brotherwroteat the time.
“We are not, however, lobbyists and do not operate in that arena,” Jim continued. “Our relationships aredeep and wideand have lasted through many years and many administrations.”
