When a million-dollar securities
fraud wrapped up two of Hunter Biden’s business partners at Burnham
Asset Management, Hunter Biden escaped scrutiny. However, bank records
and corporate document drafts now show one of the future first son’s
shared bank accounts was used in the fraudulent bond transaction.
After his partners were arrested and charged in the scheme, Biden
moved immediately to distance himself from the firm. He later told
lawmakers during the impeachment inquiry into his father, former
President Joe Biden, that the proposed work with Burnham never came to
fruition.
Any personal liability for his association with the company at the
center of the fraud scheme has now been wiped out, after former
President Joe Biden delivered a sweeping pardon for his son from 2014 to the present day.
But, members of Congress have expressed interest in continuing their
probe into what the House GOP impeachment inquiry concluded last year
was a Biden family influence peddling scheme especially after a final
report from the special counsel prosecuting Hunter Biden left several unanswered questions.
Last year Just the News reported the first evidence
that the younger Biden was much more closely associated with the
entities involved in the tribal bonds fraud. Corporate records show that
Hunter Biden served as Vice Chairman of Burnham and was promised an
$800,000 yearly salary. A signature analysis confirmed Biden signed the
employment agreement with Burnham dated April 15, 2015.
These documents were first collected by the SEC and FBI agents back
in 2016, obtained by Congress during the impeachment inquiry, and
recently shared with Just the News. New documents from the same
probe of the tribal bond fraud show that Hunter Biden was closer to the
action than previously known.
For example, a bank account he shared with one business partner was
used in part of the bond transaction scrutinized by federal authorities.
One individual close to the bond transaction told Just the News
that the bonds were transferred to and from the RSB account to
associate them specifically with the Biden name, evoking a pattern
identified by House Republican investigators that suggested Hunter Biden
was trading on his last name to secure lucrative deals.
Additionally, a draft private placement memorandum for the bond
transaction floated Hunter Biden as a potential board member for the
entity set to issue the bonds for the tribal entity, according to the
documents obtained by Just the News.
Abbe Lowell, lawyer for Hunter Biden, did not respond to a request for comment from Just the News about the bank records.
The bank account
The bank records show $15 million-worth of initial Wakpamni municipal
bonds were transferred out of the Rosemont Seneca Bohai, LLC bank
account, listed under the name of Hunter Biden business partner Devon
Archer, just days before Biden signed the Burnham employment agreement.
This transaction was identified by investigators as part of a wider $60
million fraud scheme for which Archer and several other co-defendants
were prosecuted.
According to the Justice Department, from March 2014 to April 2016,
Archer and another partner, Jason Galanis, along with several other
co-defendants, were charged with defrauding an Oglala Sioux Native American tribal entity
by inducing it to issue bonds, but then failed to invest them as they
promised. Archer and Galanis were ultimately convicted, though a judge
recently ruled that Archer should be re-sentenced.
After his former partners were arrested, Hunter Biden’s lawyer at the
time, George Mesires, released a statement immediately distancing his
client from the alleged scheme at Burnham and claimed Archer and Galanis
had used Biden’s name without his knowledge.
“The defendants...invoked and used Hunter’s name—without his knowledge—to lend their business venture more credibility,” Mesires said, according to the Wall Street Journal.
“As soon as Hunter learned of the illegal conduct, and that his name
was being used in this unauthorized and inappropriate manner, Hunter
took immediate steps to ensure that his business interests would not be
associated with the Burnham Group or with any of the defendants."
But, the records reviewed by Just the News and congressional
testimony from Devon Archer show Rosemont Seneca Bohai and its bank
account were closely associated with Hunter Biden. Additionally,
evidence provided to the House Ways and Means Committee by two IRS
whistleblowers during the impeachment probe show that Hunter Biden was,
at one time, the corporate secretary of the firm.
Archer confirmed Hunter Biden’s association with the firm and its bank account in his impeachment testimony.
“Hunter was a corporate secretary of RSB. We had a handshake 50-50
ownership. And he conducted, you know, banking business with the COO,”
Archer told congressional investigators during his July 2023 testimony.
The Rosemont Seneca Bohai account was also the primary vehicle for Hunter Biden to receive his salary
from the controversial Ukrainian energy company, Burisma Holdings. The
company landed at the center of allegations from House Republicans that
the Biden family was engaged in an influence peddling scheme using their
name and family patriarch’s position as vice president.
The same bank statement for 2015 reviewed by Just the News records the monthly payments from Burisma, and transfers to Hunter Biden in and out of that account.
You can see excerpts from the bank statement below:
Proposed leadership role
In addition to the bank transfers, a draft private placement
memorandum for the bond offering on behalf of the Wakpamni Lake
Community—a subsidiary of the Oglala Sioux Nation—shows
that Hunter Biden was floated as a board member in the early stages of
the deal. The draft memo, which lays out the plans for the tribal bond
offering proposed Hunter Biden serve as a director of a new entity,
Sovereign Re Capital Holdings Inc., the bond issuer.
The entry includes a short bio that highlights Biden’s work for the
Boies, Schiller, Flexner, LLP law firm and various Rosemont Seneca
firms. It also highlights his Honorary Co-Chair role on the 2009
Presidential Inaugural Committee, the same year his father was
inaugurated as vice president. He is listed alongside his longtime
business partner Devon Archer, who testified to the House impeachment
inquiry in 2023.
You can read the memo below:
It is unclear whether the structure outlined in the draft document
was ever involved in the bond transaction or if Hunter Biden was
actually offered the role.
But, during Archer’s trial for the fraudulent scheme, his attorney Matthew L. Schwartz, claimed that Hunter Biden “was part of this deal.”
This claim was disputed by Hunter Biden’s then-lawyer, who tried to
distance Biden from the Burnham firm and fraud scheme when Archer and
Galanis were arrested.
After the bond scheme came under renewed scrutiny during the House Republicans’ impeachment inquiry, Hunter Biden reiterated to congressional investigators in his testimony that he never became part of the Burnham investment.
“And did you have any active participation in Burnham, either as an
equity holder, director, or officer?” Rep. Andy Biggs, R-Ariz., asked
Biden in his impeachment inquiry deposition earlier this year.
“No. I don't think that ever came to fruition. I think that there was
a proposal that I'd be a part of that, but it all fell apart in all of
this,” Biden replied.
One Senator believes it may be possible to bring Hunter Biden back
for more questioning. Now that he is protected by his father’s expansive
pardon, Senator Ron Johnson, R-Wis., says Hunter Biden cannot exercise
his fifth amendment right to avoid incriminating himself.
“But what is interesting is, with Hunter Biden's pardon, he has no
Fifth Amendment right not to testify and tell the truth, and so he could
be, we could prosecute him for lying to Congress,” Sen. Johnson told the John Solomon Reports podcast earlier this month. “He's going to have to answer truthfully. So that's a real possibility.”