The Biden family business of selling access to Joe Biden has an update: an FBI raid involving a business connected to Joe’s brother James.

The FBI has raided a health care firm linked to Joe Biden's brother, and a former executive at the firm says James Biden owes it $650,000. Inside the growing legal morass: https://t.co/8TW5Yjv9Vc — Ben Schreckinger (@SchreckReports) March 9, 2020

Politico reports:

The raid of an Americore Health hospital represented a deepening of the legal morass surrounding James Biden’s recent venture into healthcare investing at a time when questions about the business dealings of Joe Biden’s relatives, and their alleged connection to the former vice president’s public service, continue to dog his presidential campaign.

In the weeks since the raid, two small medical firms that did business with James Biden have claimed in civil court proceedings to have obtained evidence that he may have fraudulently transferred funds from Americore “outside of the ordinary course of business,” and a former Americore executive has told POLITICO that James Biden had over half a million dollars transferred to him from the firm as a personal loan that has not yet been repaid.

…

Tom Pritchard, a former Americore executive familiar with the firm’s finances, told POLITICO that James Biden’s arrival exacerbated Americore’s financial problems. Holding out the promise of a large investment from the Middle East based on his political connections, James Biden introduced Americore’s founder to his older brother and helped land a bridge loan to Americore from a hedge fund, Pritchard said. But then, Pritchard said,

James Biden received a six-figure personal loan out of Americore’s coffers while encouraging the firm to take on greater financial liabilities. The cash infusion from the Middle East never arrived, and, Pritchard says, James Biden has not paid back the loan, the terms of which are unknown.

“It was all smoke and mirrors,” Pritchard said.

Politico later notes, “James Biden’s venture into healthcare investing has been surrounded by legal allegations and claims that he invoked his brother’s clout.”

And this is not the first time James invoked his brother’s political station to land business.

Last year, Politico reported, James Biden promised other healthcare executives that after investing in his firm “the former vice president’s cancer initiative would promote their business.”

NEW: In a pitch on behalf of potential investors last fall, Joe Biden's brother told a healthcare firm that he could have the Biden Cancer Initiative promote their products, according to an executive https://t.co/23KborWXbX — Ben Schreckinger (@SchreckReports) September 26, 2019

Bottom Line: From Hunter to Frank to James, Joe Biden’s family members’ business is using Joe Biden’s name for their own financial gain.

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