Joe Biden got $200,000 same day his brother got big payment from failing health firm, Comer reveals
Joe Biden has adamantly maintained he had nothing to do with his family business dealings and never benefited from them.
Congressional investigators on Friday revealed the first evidence Joe Biden directly benefited from his family's business dealings, releasing records showing the president got a $200,000 check in 2018 from his brother on the same day that James Biden got the same amount of money wired from a failing health care firm.
House Oversight Committee Chairman James Comer said the personal check James Biden sent to the future president on March 1, 2018 was marked as a loan repayment but investigators were confident the proceeds came from money the first brother received from Americore, which Comer described as a "financially distressed and failing rural hospital operator."
"Even if this was a personal loan repayment, it’s still troubling that Joe Biden’s ability to be paid back by his brother depended on the success of his family’s shady financial dealings," Comer said in a videotaped statement released on social media.
Joe Biden has adamantly maintained he had nothing to do with his family's business dealings and never benefited from them.
Comer alleged Friday that James Biden was making money from Americore by representing that the family name could open up business overseas.
"In 2018, James Biden received $600,000 in loans from, Americore—a financially distressed and failing rural hospital operator. According to bankruptcy court documents, James Biden received these loans 'based upon 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," Comer said.
"On March 1, 2018, Americore wired a $200,000 loan into James and Sara Biden’s personal bank account – not their business bank account. On the same day, James Biden wrote a $200,000 check from this same personal bank account to Joe Biden," the lawmaker added.
After Americore Health declared bankruptcy, a Chapter 11 trustee sued James Biden alleging that the company loaned him $600,000 while it was struggling to stay afloat.
"Instead, of complying with his fiduciary responsibilities, Defendant helped Debtors 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 he never delivered the promised the large investment from the Middle East," the bankruptcy court document reads. "And worse, Defendant never repaid the Loans to Americore Health, including during the time that Debtors were strapped for cash."
The plaintiff claims that it did not receive an equivalent value in services for the payments to James Biden and that the company was "Was insolvent on the dates that such transfers were made, or became insolvent as a result of such transfers."
James Biden contested the trustee's characterization claiming that the money was similar in value to the financial and consulting services he provided for the company. the President's brother ultimately agreed to settle the lawsuit for $350,000 in September of last year.
The White House did not immediately respond to a request for comment from Just the News.