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Joe Biden’s $200k loan from brother first came from $600k given to him on promise he would deliver funding from the Middle East

  |   By Polling+ Staff

On Monday, the House Oversight Committee was told by Carol Fox, an Americore Chapter 11 trustee, that the now-bankrupt healthcare company previously provided a $600,000 loan to James Biden on the promise that he could bring in funding from the Middle East. Fox also has previously filed a lawsuit against James Biden claiming he 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.”

On March 1, 2018 Americore wired a $200,000 loan to James and Sara Biden’s personal bank account; James Biden then sent a payment of the same amount to Joe Biden for an alleged loan repayment.

Fox told the committee in a transcribed interview on Monday that she saw no records or documentation of the loan from Americore to James Biden and that the company instead chose to provide a loan with no documentation based on the promise that James Biden could bring in funding from the Middle East, a person familiar with the committee’s investigation into the Biden family’s business dealings told National Review.

Fox said the money James Biden ultimately paid to his brother could have come from two possible sources: predatory loans or senior citizens’ money fraudulently invested by James Biden’s business partner, Michael Lewitt.

The suit alleged that Americore sent $600,000 to James and Sara Biden’s personal bank accounts in total and demanded James Biden repay Americore the full amount. James Biden ultimately agreed to a settlement payment of $350,000.

In September, the Securities and Exchange Commission filed a complaint against Lewitt and his investment advisory firm, Third Friday Management. The complaint claims misrepresentations and omissions regarding a change in the investment strategy of the Third Friday Total Return Fund, L.P. to suddenly change course “without disclosing to investors, many of whom were elderly, that it had begun making loans to a distressed (now bankrupt) company that acquired and operated struggling rural hospitals.”

In the lawsuit, Fox previously alleged James Biden had helped procure “an ill-advised bridge loan from a hedge fund that had a deleterious impact on the financial affairs of the Debtor and ultimately forced Debtors into bankruptcy, as [James Biden] never delivered the promised large investment from the Middle East.”

Fox said she had not seen the $200,000 check from James Biden to Joe Biden until her transcribed interview on Monday. She said in her experience, she would try to claw back amounts from a subsequent transferee depending on the dollar amount. She said she considers $200,000 to be a significant sum of money.