Feds to garnish Hunter Biden biz partner Devon Archer's assets for not paying $44M in restitution
Archer and Hunter Biden served on the board of Burisma Holdings, a Ukraine-based energy company. Archer was found guilty last year of conspiracy to commit securities fraud.
Federal prosecutors said Wednesday that former Hunter Biden business partner Devon Archer has failed to make restitution on the roughly $44 million he owes in connection being found guilty last year of conspiracy to commit securities fraud and that they will now attempt to collect the money by garnishing companies that apparently hold some of Archer's assets.
The court entered a judgment against Archer on Feb. 28, 2022, that included $43,427,436 in restitution to the victims of the offenses of which he was found guilty; the forfeiture of $15,700,513, which represents the proceeds of his crimes; and interest accrues on the unpaid restitution, accord to the three-page filing in the U.S. District Court Southern District of New York.
"As of April 5, 2023, Archer has paid nothing toward the judgment and the outstanding restitution balance. More than 30 days has elapsed since demand for payment of the debt was made, yet the balance has not been paid. Archer has neither sought nor obtained a stay of the restitution owed to the victims of his crimes," Damian Williams, the U.S. district attorney for the Southern District of New York, and Assistant U.S. Attorney Melissa Childs also wrote in the filing.
Their filing also states that "to enforce the judgment, the government requests that writs of garnishment be issued" on Midland IRA Inc. & Midland Trust Co., of Fort Meyers, Florida, and Guardian Life Insurance Company of America Legal Department, New York, N.Y.
"The government believes the garnishees to be in possession, custody or control of substantial nonexempt property belonging to or due Archer, including but not limited to nonexempt retirement funds, brokerage accounts, and life insurance," the prosecutors also write in the filing.
Archer last year was sentenced to one year and one day in federal prison for his role in a scheme to defraud a Native American tribe of roughly $60 million in bonds.
Prior to his arrest, Archer served with Hunter Biden on the board of Burisma Holdings, a Ukraine-based energy company. Their seats on the board remains been an ongoing concern, considering Biden's father, President Joe Biden, was vice president for at least some period when they served on the board. Hunter Biden was hired to serve on the board in 2014.