Hunter Biden isn’t the only family member who could cost Joe the presidency. His brother James looks like he is about to make a lot of headlines after being accused of fraud by a group of small medical companies. James wormed his way into the medical field through Americore. He did so by claiming he could get them a large cash infusion from the Middle East thanks to his political connections.
That is the carrot at the end of the stick that James Bisen waved in their faces. He even convinced the partners of Americore to buy up some failing hospitals by promising to repay them from the money coming from the Middle East. But, the money never came through. Worse yet, James transferred money from Americore into his own account, framing it as a personal loan which he has never paid back.
Two companies have already filed against Biden and there seems to be others waiting their turns t do the very same thing.
Politico wrote.
But recent filings in ongoing legal proceedings, along with new accounts provided to POLITICO by former executives of Americore and others, point to potential pitfalls for the former vice president, painting the fullest picture to date of James Biden’s health care dealings and the ways in which they allegedly related to his older brother. In 2017 and 2018, James Biden was embarking on a foray into health care investing, telling potential partners, including at Americore, that his last name could open doors and that Joe Biden was excited about the public policy implications of their business models, according to court filings and interviews with James’ former business contacts.
Tom Pritchard, a former Americore executive familiar with the business’ finances, told POLITICO that James Biden’s arrival exacerbated Americore’s financial problems. Holding out the promise of a large investment from the Middle East based on his political connections, James Biden introduced Americore’s founder to his older brother and helped land a bridge loan to Americore from a hedge fund, Pritchard said. But then, Pritchard said, James Biden received a six-figure personal loan out of Americore’s coffers while encouraging the firm to take on greater financial liabilities. The cash infusion from the Middle East never arrived, and, Pritchard says, James Biden has not paid back the loan, the terms of which are unknown.
“It was all smoke and mirrors,” Pritchard said.