In a recent testimony before the House Oversight and Judiciary Committees, U.
S. Trustee Carol Fox shed light on the ambiguous role of James Biden, brother of President Joe Biden, at the financially troubled healthcare company, Americore.
Fox's investigation into Americore's finances and James Biden's services for the company revealed that he received over $600,000 in loans, as per a transcript reviewed by the Caller.
James Biden's business card identified him as a "principal" at Americore, but his actual responsibilities within the company remain unclear. "We have what his business card says he does, but as far as what he actually did while he was in the company, that preceded my involvement with the company," Fox stated. She further added, "I think we have a business card that says what his stated role was, but what he actually did, I don't know."
Fox's investigation also sought to identify the services provided by Biden's consulting firm, Lion Hall Group, to Americore. "Through Mr. Bidens consulting company, Lion Hall, he purportedly provided consulting services to the debtor, or to the debtors," Fox asserted. However, she admitted that she could not specify what those services were.
Fox speculated that Biden could have offered business-related services such as financial advisory or investment banking, given that Americore was a healthcare company. However, her investigation did not find evidence of Biden providing any such services.
In 2022, Fox filed a lawsuit against James Biden to recover $600,000 that Americore had loaned him. According to her complaint, the company loaned Biden $400,000 in January 2018 and an additional $200,000 in March 2018. Interestingly, on the same day that James Biden received the $200,000 loan, he sent a $200,000 check to Joe Biden, labeled as a "loan repayment," as revealed by House Oversight Committee Chairman James Comer in October.
Fox confirmed that Americore wired the same amount to James Biden on the day he sent it to Joe Biden. She also stated that she could not find any documentation of either loan. The payments to James Biden were identified through Americore's bank records, but no financial documentation of the purported loans was found.
Fox also failed to find any documentation of potential collateral or the reason for James Biden's $400,000 loan. "There was no document referencing a stated interest rate or repayment terms or collateralization," she said, referring to the $200,000 loan. Her testimony regarding the $400,000 loan was nearly identical.
Fox was shown the $200,000 check that James Biden wrote to Joe Biden and was asked a series of questions about it. She confirmed that it was the first time she had seen the check and agreed that the amount, date, and allegations in the lawsuit pointed to a fraudulent transfer.
Furthermore, James Biden received $10,000 from Americore in June 2018 for supposed consulting and marketing services. However, Fox did not find any documentation of a consulting or marketing agreement during her investigation of Americore's finances.
According to Fox's complaint, James Biden had promised to use his last name to "open doors" for Americore and secure a large investment from the Middle East. She assured lawmakers that she could provide supporting information and documentation to substantiate these claims.
The funds sent to James Biden could have originated from a hedge fund comprising investments by senior citizens or merchant cash advances, Fox testified.
James Biden is set to testify on February 21 as part of the House GOP's impeachment inquiry into President Joe Biden, focusing on his apparent involvement in his family's business dealings.
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