Joe Biden’s $200K Check Shows He Profited From The Family Biz To The Detriment Of Innocent Creditors
Bank records released on Friday show Joe Biden received $200,000 from funds his brother Jim Biden siphoned from the failing health care company Americore. Beyond providing more proof that President Biden directly profited from his family’s selling of influence, this new evidence — when read together with Americore’s bankruptcy filings — reveals Joe has the money that rightfully belongs to innocent creditors.
On Friday, James Comer, the chair of the House Committee on Oversight and Accountability, announced that bank records, provided in response to subpoenas the committee issued last month, revealed Jim Biden wrote a $200,000 check to his brother, now-President Joe Biden, on March 1, 2018 — the same day the failed Americore wired $200,000 to Jim and his wife Sara’s personal bank account.
In releasing a copy of the check and details of the discovery, Comer referenced Joe Biden’s June 2023 quip, “Where’s the money?”
“We have found a $200,000 DIRECT payment to Joe Biden,” the Republican chair countered last week, publishing a photograph of the check Jim Biden signed. The memorandum line described the money as “for loan repayment.”
In announcing the discovery of the direct payment, Comer highlighted the “immediate questions” that “President Biden MUST answer for the American people,” including whether any documentation proved “he lent such a large sum of money to his brother,” and whether he had “similar financial arrangements” with other family members. The Oversight Committee chair further asked whether President Biden knew “the same day James Biden wrote him a check for $200,000, James Biden had just received a loan for the exact same amount from business dealings with a company that was in financial distress and failing?”
While those are all great questions, no matter the answers, President Joe Biden financially benefited from his brother Jim’s trading on the family name, to the detriment of Americore and its creditors.
As The Federalist previously reported, the former CEO of Americore, Grant White, maintains that Jim Biden and his business partners, hedge-fund managers Michael Lewitt and Amer Rustom, “became enamored of Americore’s business model and approached White about investing in the company.” According to White, they “agreed to enter into business together on the promise that Biden and his partners would be able to deliver upwards of $30 million to invest in Americore.”
“[Biden told me] there’s not a single door in the country that we can’t open. So if I wanted to meet, you know, the head of Google, it’s a phone call,” White claimed. “He always represented himself as the fundraiser for his brother’s campaigns… he was the guy raising the money and so he knew everybody.”
Significant in light of Friday’s revelation is White’s further claim that in January of 2018, Jim Biden approached him, saying he needed some cash to repair his Florida vacation home, as well as to pay a personal loan secured by the house. At the same time, Americore, which was experiencing cash-flow problems, needed a short-term bridge loan.
“So [Biden] made some phone calls and he basically agreed to get $2 million,” White claimed, with Jim Biden’s business partner, Lewitt, arranging for his hedge fund to loan Americore the money. But according to White, “Jim Biden directed [White] to loan him approximately $400,000 of this money for him to use to repay a past-due personal loan secured by his house in Florida.” White claimed Biden later took additional sums totaling over $200,000.
The bridge funds were originally intended for Americore to be used as working capital, White explained, but in taking the loans, Jim Biden promised to repay the funds when he delivered on the “imminent and certain” “multi-million investment coming from overseas.” According to White, Jim Biden never repaid the loan balance.
Americore would later file for bankruptcy, with court filings in that case providing evidence corroborating White’s claims. Specifically, in July of 2022, the trustee charged with overseeing Americore’s Chapter 11 case filed a complaint against Jim Biden “to recover fraudulent transfer and for turnover,” seeking recovery from the president’s brother of $600,000 plus interest.
The trustee’s complaint summarized the various transfers from Americore to Jim Biden, including a Jan. 12, 2018, transfer of $400,000 to Biden’s PNC Bank checking account and a March 1, 2018, wire transfer of $200,000 to the same account. The bankruptcy complaint against Jim Biden included an exhibit providing documentation confirming the transfers, which referenced the money as “loans.”
The bankruptcy complaint against Jim Biden alleged he had “procured the $600,000.00 in loans from Americore … 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.” According to the bankruptcy trustee, Jim Biden then helped Americore “procure an ill-advised bridge loan from a hedge fund that had a deleterious impact on the financial affairs of [Americore] and ultimately forced [Americore] into bankruptcy, as he never delivered the promised the large investment from the Middle East.” “And worse,” the trustee continued, Jim Biden never repaid Americore, either before bankruptcy or after the trustee’s demand for the loans to be repaid.
Jim Biden would later enter into a settlement agreement with the bankruptcy trustee, agreeing to pay $350,000 into the bankruptcy estate, albeit with the expressed representation that the settlement agreement “is not intended and should not be construed as an admission of liability.” Americore and its creditors, however, would only receive a portion of that $350,000, with the attorney representing the trustee receiving 33.33 percent of all funds paid by Jim Biden under the settlement agreement.
While the bankruptcy trustee entered a settlement with Jim Biden to resolve the $600,000 outstanding loan, the reality remains that Joe Biden ended up with $200,000 of Americore’s capital to the detriment of the business and its creditors. Whether Jim owed his older brother that money or not doesn’t matter because it wasn’t Jim’s money to do with as he pleased. Further, it was by selling the family name to Americore that Jim Biden convinced the health care company’s CEO to lend him the money that Jim then passed on to Joe Biden.
So, sure, let’s see Joe Biden’s proof that he lent his brother $200,000. But better yet, let’s see the president of the United States return that money to Americore and its creditors — and open up his financial records to show who else was paying the Big Guy.
Margot Cleveland is an investigative journalist and legal analyst and serves as The Federalist’s senior legal correspondent. Margot’s work has been published at The Wall Street Journal, The American Spectator, the New Criterion (forthcoming), National Review Online, Townhall.com, the Daily Signal, USA Today, and the Detroit Free Press. She is also a regular guest on nationally syndicated radio programs and on Fox News, Fox Business, and Newsmax. Cleveland is a lawyer and a graduate of the Notre Dame Law School, where she earned the Hoynes Prive—the law school’s highest honor. She later served for nearly 25 years as a permanent law clerk for a federal appellate judge on the Seventh Circuit Court of Appeals. Cleveland is a former full-time university faculty member and now teaches as an adjunct from time to time. Cleveland is also of counsel for the New Civil Liberties Alliance. Cleveland is on Twitter at @ProfMJCleveland where you can read more about her greatest accomplishments—her dear husband and dear son. The views expressed here are those of Cleveland in her private capacity.
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