Biden’s Family Linked To Robert Allen Stanford

This one may give you a head start around the water cooler tomorrow morning. I’m not going to comment at all other than to point you to a Wall Street Journal article that indicates Vice President Biden’s family was involved with Robert Allen Stanford. Normally I wouldn’t even bother with this but these aren’t normal times.

Here is the link and here is the lead.

A fund of hedge funds run by two members of Vice President Joe Biden’s family was marketed exclusively by companies controlled by Texas financier R. Allen Stanford, who is facing Securities and Exchange Commission accusations of engaging in an $8 billion fraud.

The $50 million fund was jointly branded between the Bidens’ Paradigm Global Advisors LLC and a Stanford Financial Group entity and was known as the Paradigm Stanford Capital Management Core Alternative Fund. Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, according to a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president’s son, Hunter, and Joe Biden’s brother, James.

The fund has offered to turn over the $2.7 million investment it received from Mr. Stanford’s firm in 2007 to a court-appointed receiver in the SEC’s civil fraud case involving Mr. Stanford, according to Paradigm’s attorney, Marc X. LoPresti. The fund terminated its relationship with Mr. Stanford’s companies after the SEC filed civil charges against them last week, Mr. LoPresti said.

Share

Related Posts

You can leave a response, or trackback from your own site.

Leave a Reply