Accused hedge thief Stanford was Biden family partner: report
Accused hedge fund thief Allen Stanford was partners with Vice President Joe Biden's son and brother and their hedge fund firm, says the Wall Street Journal
"A fund of hedge funds run by two members of U.S. Vice President Joe Biden's family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said." Reuters summary via NYT here.
"The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund," which the Bidens offered to "turn over" to a court-appointed receiver handling Stanford's assets for his alleged victims.
"Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James, according to the paper. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm... told the paper the Bidens never met or communicated with Stanford."