Democratic presidential candidate Joe Biden’s family just got devastating news, and looming charges being filed could result in serious jail time.
Biden’s younger brother, James, used Hillary Clinton’s playbook of politics and business — and he’s in big trouble.
James Biden has been accused of defrauding a Tennessee rural healthcare company.
Michael Frey and his business partner, Dr. Mohannad Azzam, filed a lawsuit in federal court last month alleging that James Biden, hedge fund manager Michael Lewitt, and others promised to bring in wealthy investors to help grow and expand their rural healthcare enterprise.
After failing to deliver any investors, the lawsuit claims that James Biden told the two men to borrow $10 million from a hedge fund manager involved in the deal.
Then, they claim, James Biden stole their idea and pawned it off as his own to a conglomerate of Turkish investors, the Knoxville News Sentinel reported.
In 2017, Frey and Azzam pitched the business model to Americore Health, an operator of rural hospitals, where James Biden was listed as a “principal” at the company.
Then, James Biden introduced the two Tennessee man to Lewitt, the hedge fund manager who said Americore would buy Diverse Medical – the company created by Frey and Azzam – for $7 million.
After a deal was struck, Americore quickly fell behind on its scheduled payments to Frey and Azzam.
The lawsuit then asserts that James Biden and Lewitt created a plan to sell Americore – which included Diverse Medical – to a third company called the Platinum Group
Despite Frey and Azzam raising serious concerns, they were told that they would receive a payout check.
James Biden reportedly invoked his families’ political power to ease concerns from Frey and Azzam, the lawsuit contends.
Here’s where the alleged corruption and shady deals come into play.
Frey and Azzam were then told to seek a $10 million cash loan — part of which would come from Lewitt’s hedge fund — to expand their business.
Frey and Azzam assert in their lawsuit they were told the loan would be repaid with money brought in from new investors.
The entire scheme blew up when James Biden accidentally sent Frey a text message about their company meant for someone else in November 2018.
“We can wrap a/c into Frey’s entity further diluting them both in the process? After we take control of both. Just a thought,” read the text Biden accidentally sent Frey. “We must have complete control, too many moving pieces. Jim.”
Frey and Azzam learned from others that James Biden and Lewitt – without telling anyone – tried selling the entire company to investors in Turkey without mentioning the two Tennessee men.
Biden and Lewitt were pitching the company as if they were the only men involved, which appears to have been a scheme that resulted in them cutting Frey and Azzam out of the deal and keeping all of the money for themselves.
When Frey and Azzam tried regaining control of their business, the lawsuit alleges that Lewitt demanded repayment of the $10 million loan his hedge fund gave them.
This is yet another example of the Biden family’s long history of mixing politics and business — where they continue to make it a top priority to line their own pockets.
And now it is catching up with them.
If prosecutors want to, it seems there’s more than enough evidence to jail James Biden and hold Joe Biden’s feet to the fire for more information.