Bankrupt healthcare firm linked to Joe Biden’s brother is raided by the FBI as he is accused of being loaned cash by company and never paying it back
- A healthcare company associated with James Biden, the brother of Joe Biden, was raided by the Federal Bureau of Investigation in January
- Now a former executive has told Politico that James Biden exacerbated the now bankrupt Americore’s financial woes
- He promised to bring in business from the Middle East, milking his political connections, but that business never came
- Additionally, James Biden took out a six-figure loan from Americore – and didn’t pay it back, Politico said
- There’s no indication that the FBI raid had anything to do with James Biden
- But his business dealings further feed into the narrative that the 2020 hopeful’s family has used the Biden name to make money
A healthcare company associated with James Biden, the younger brother of 2020 hopeful Joe Biden, was raided by the Federal Bureau of Investigation in January.
And now a former executive has told Politico that the younger Biden exacerbated Americore’s financial woes by trading on the ex-vice president’s name and taking out a six-figure personal loan from the company’s coffers.
Tom Pritchard, a former Americore executive, told Politico that James Biden introduced the founder of Americore to his older brother Joe and helped the healthcare company get a bridge loan from a hedge fund.
James Biden was accused by an executive from a healthcare company he did work for of trading on his family name and taking out a six-figure loan from the company, which he didn’t pay back
James Biden (left) seen with Jill Biden (center left), former Vice President Dick Cheney (center right) and Joe Biden (right), the former vice president and current 2020 hopeful in January 2008. James Biden was involved with a company whose offices were raided by the FBI in January
But at the same time, James Biden, took out the personal loan and suggested that the company take on greater financial liabilities.
The personal loan, according to Pritchard, was never paid back.
James Biden had promised Americore executives that he could bring in a large investment from the Middle East thanks to his political connections.
But the cash never came, Pritchard said.
‘It was all smoke and mirrors,’ Pritchard told Politico.
Americore is currently in bankruptcy court.
Additionally, two small medical firms that did business with James Biden have claimed in civil court that they have evidence that he may have fraudulently transferred funds from Americore ‘outside the ordinary course of business,’ Politico reported.
There’s no indication that the FBI raid, which occurred on January at a hospital in Ellwood City, Pennsylvania has anything to do with James Biden.
There were already mismanagement problems dogging Americore.
But the Politico report adds more gas to the narrative that Joe Biden’s family members were trying to enrich themselves using the Biden name.
President Trump’s impeachment revolved around a plot to have Ukrainian President Volodymyr Zelensky announce an investigation into Joe and Hunter Biden, since Hunter Biden had sat on the board of the Ukrainian oil company, Burisma.
The president was accused of holding up around $400 million in military aid to Ukraine to exert his will.
Trump has continued to maintain that Hunter Biden had no business serving on the Burisma board and was only paid money because of his family name.
Senate Republicans are continuing to pursue investigations into Hunter Biden as well.
James Biden’s attorney did not comment to Politico.
Joe Biden’s campaign responded by telling the news organization that Joe and James never discussed Americore and the former vice president never expressed support for his brother’s business.
The founder of Americore, Grant White, attended a September 2017 fundraiser for the Beau Biden Foundation, which Joe Biden attended, the campaign divulged, but said interactions between the two men were limited.
‘If the two interacted in any way, it would have been a handshake and nothing more,’ the Biden campaign official told Politico.