Just when you think you know a guy…. Stuff like this comes out…
This via the Washington Post:
A 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.”
However, what is not being quoted by most of the anti-obama Blogs is:
The campaign of Sens. Barack Obama and Biden declined to comment on the case, referring questions to Nicholas Gravante Jr., a lawyer representing Hunter and James Biden. Gravante said assertions that Joseph Biden told his brother he was concerned about his son’s lobbying are “absolutely false.”
“This lawsuit has nothing to do with Joe Biden, and there is absolutely no truth to those allegations,” Gravante said. “It is a business dispute between former partners. The suit is baseless.“
Brian C. Wille, an attorney for Lotito, said the lawsuit alleges no wrongdoing by Sen. Biden, only that his concerns set in motion the business deal.
“There was a concern that Hunter Biden’s role as a lobbyist would have an impact on the senator’s proposed presidential run,” Wille said. “That’s what James Biden told Mr. Lotito. . . . Was it true? Who knows? There is no allegation the senator was involved in any of these events.”
In an affidavit, Hunter Biden said his father had nothing to do with the deal and that it is Lotito who swindled the Bidens.
He said Lotito lied about being a “fully licensed and accredited securities professional” with hedge fund experience.
In addition, he said Lotito recommended a lawyer to vet the business deal who was under investigation and was ultimately convicted on several felony charges of conspiracy and wire and mail fraud in a scheme to steal millions from a computer company.
So, before anyone jumps to any conclusions. Be sure you read the entire story, before you pass judgment.
It is really sad that WaPo would even put out this story in an effort to derail Biden’s popularity or to bring doubt into the minds of those voting. It speaks to the sick and sad state of our Main Stream Media.
Others, including some of the idiots:
Boston Globe, Gateway Pundit and JammieWearingFool
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