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BREAKING NEWS

Fraud Scheme? President Joe Biden's Brother Jim Accused of Spending $125k in 'Business Loans' for Personal Expenses

joe biden brother jim spent k business loans personal expenses
Source: MEGA

President Joe Biden's brother Jim was tied to a suspected fraud scheme this week.

Oct. 16 2023, Published 2:30 p.m. ET

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President Joe Biden’s brother was tied to a potential fraud scheme this week after it was revealed that he allegedly spent a business loan on personal expenses, RadarOnline.com can report.

In the latest development to come as House Republicans investigate the Biden family’s domestic and international business dealings, it was revealed that Jim Biden, 74, allegedly spent a $125,000 business loan on NFL season tickets, landscaping, and electrical work.

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joe biden brother jim spent k business loans personal expenses
Source: MEGA

Jim Biden, 74, allegedly used a $125,000 business loan to buy NFL season tickets and other personal expenses.

Treasury documents obtained by Daily Mail on Monday revealed that President Biden’s younger brother was named in three Suspicious Activity Reports (SARs) filed by banks to the Treasury Department.

The documents were reportedly uncovered during a separate investigation into Jim’s former business partner, Michael Lewitt.

Lewitt was recently charged by the Securities and Exchange Commission with misappropriating $4.7 million from his hedge fund.

According to Daily Mail, the SARs showed that Jim received thousands of dollars in business “loans” as part of Lewitt's suspected scheme.

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joe biden brother jim spent k business loans personal expenses
Source: MEGA

The development comes as President Biden faces an impeachment inquiry launched by House Republicans last month.

A May 2020 SAR filed by investigators at Wells Fargo stated that Jim and his wife Sara's company, Lion Hall, received $125,000 from Lewitt's hedge fund.

Jim Biden allegedly spent part of that $125,000 business loan on season tickets to see the Philadelphia Eagles.

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Another SAR filed by investigators at First Republic Bank revealed that Jim received three wires totaling $23,150 from Lewitt’s fund, Third Friday, to his personal JPMorgan Chase account between November 2018 and February 2019.

Meanwhile, a lawsuit recently filed by Diverse Medical Management alleged that President Biden’s brother partnered with Lewitt in 2017 and promised loans, foreign investment from Qatar, and political support to help DMM provide mental health services at rural hospitals.

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joe biden brother jim spent k business loans personal expenses
Source: MEGA

Jim Biden previously came under fire for touting his connections to Joe Biden.

Those alleged promises never came to fruition, and DMM's founder – Michael Frey – claimed that Lewitt and Jim "stole" his business plan and "looted" the company.

“It was all a fraud,” Frey charged in a 2019 federal lawsuit, although the parties settled the lawsuit in May 2020. “What followed was a classic fraudulent bait-and-switch.”

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As RadarOnline.com previously reported, the president’s brother came under fire earlier this year when it was revealed that he touted his Biden family connections in a 2017 letter to a Qatari prince.

The August 2017 letter was found on Hunter Biden’s abandoned laptop in February, and Jim Biden appeared to request a meeting with a Qatari prince in charge of a $170 billion investment fund.

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joe biden brother jim spent k business loans personal expenses
Source: MEGA

A 2017 letter found on Hunter Biden's abandoned laptop showed Jim Biden requesting a meeting with a Qatari prince.

“My family could provide a wealth of introductions and business opportunities at the highest levels that I believe would be worthy of the interest of His Excellency,” President Biden’s brother wrote at the time.

“We are not, however, lobbyists and do not operate in that arena,” Jim continued. “Our relationships are deep and wide and have lasted through many years and many administrations.”

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