WASHINGTON — President Biden’s brother James repeatedly testified in recent impeachment inquiry testimony that a Florida hedge fund owner forgave a $225,000 loan to President Biden, when in fact a secret third party A new report reveals that the company is expected to assume and repay the debt.
Mr. James, 74, told House investigators on February 21 that Michael Lewitt, a businessman who had provided funding to Amecore, a financially troubled local hospital operator that Mr. James headed, told House investigators on February 21 that Mr. provided a $225,000 loan in 2019, an amount that was later “forgiven by Michael Lewitt,” he said. ”
However, Lewitt be charged with theft from his investors by the Securities and Exchange Commission in September. told Politico Friday: “I can confirm that my fund made those loans, but they were not forgiven. They will be passed on to a third party and repaid to my fund.”
LeWitt told Politico that he believes a third party, who he declined to identify, took over the debt in early 2020.
Lewitt is accused by the SEC of diverting $4.7 million from investors for “personal use” and funneling nearly $20 million to Americore without notifying stakeholders. He did not provide an on-the-record response to the Post.
James Biden’s lawyer, Paul Fishman, did not respond to a request for comment.
“Jim’s understanding that the loan from Michael Lewitt was forgiven remains unchanged. He is not aware of any notice to the contrary,” Fishman told Politico.
The situation comes as Patrick Ho, former CEFC China Energy Vice Chairman and one of the president’s eldest son Hunter Biden’s main backers in the Chinese government, accused Hunter Biden of providing no services to the president’s son. This was done amid a request for repayment of $1 million in legal fees from 2017. Mr Ho last week threatened to sue if the money was not returned.
James Biden’s testimony shows how loans given to him in at least four separate installments in 2019 were taken over by another party, and how they were taken over by another party. It is unclear whether this means that the company owes that amount to the company or the organization.
first brother testified The tax loan was forgiven and he reported that “taxes were paid,” indicating he did not believe he owed the money. However, James Biden said he could not recall the year in which the loan was recorded.
Lying to Congress could be a crime, and the House committee leading the impeachment inquiry seeking an interview With LeWitt. However, the precise wording of contested testimony can significantly affect the final disposition.
As part of James Biden’s pursuit of Amecore, the struggling hospital chain provided him with two separate $600,000 loans in 2018 before filing for bankruptcy the following year.
On the same day the company gave him a $200,000 loan, James cut Joe Biden a check for the same amount, replacing what he said was a personal loan made weeks earlier. I paid it back. James testified that there was no loan documentation or interest charged.
Bank records show a law firm connected to Joe Biden sent money to James several weeks ago, but Republicans say the firm also has ties to the Biden family’s ventures. It points out that it happened, making the situation ambiguous.
Amecore’s bankruptcy trustee said in a July 2022 statement: Submission to court James Biden has “raised a $600,000 loan from Amecore… His last name ‘Biden’ could ‘open doors’ and large investments from the Middle East could be obtained based on his political connections.” Based on expression.”
James Biden finally agreed in September 2022 to: repay $350,000 Of $600,000 in loans to Americore creditors.
The House’s impeachment inquiry centers on allegations that Hunter Biden and James Biden had overseas business connections during Vice President Joe Biden’s time, with their powerful relatives interacting with patrons from countries such as China and Ukraine. It focuses on allegations that brought in millions of dollars.
The investigation also looked into IRS whistleblower allegations that the Justice Department covered up Joe Biden and Hunter Biden in a criminal investigation into possible tax evasion and foreign lobbying violations.
Like his uncle, Hunter also received controversial loans.
Wealthy Hollywood lawyer Kevin Morris announced in January, about a month after he first met Hunter at a fundraiser for his father’s presidential campaign, that Hunter had loaned Hunter $4.9 million from 2020 to 2022. testified that it was “fundamentally” true. Republicans, who are leading the investigation, believe the total amount could exceed $7 million.
Mr Morris said he expected the loan to be repaid, but there was a possibility it could be forgiven, and he also mentioned the possibility that Mr Hunter would pay off the debt by getting free car washes for the rest of his life.
