{"id":9699,"date":"2020-01-28T07:24:49","date_gmt":"2020-01-28T12:24:49","guid":{"rendered":"https:\/\/unitedresourceconnection.org\/cannon-ball-nd-58528\/hunter-bidens-name-used-to-legitimize-sale-of-fraudulent-tribal-bonds\/"},"modified":"2020-01-28T07:24:51","modified_gmt":"2020-01-28T12:24:51","slug":"hunter-bidens-name-used-to-legitimize-sale-of-fraudulent-tribal-bonds","status":"publish","type":"post","link":"https:\/\/unitedresourceconnection.org\/cannon-ball-nd-58528\/hunter-bidens-name-used-to-legitimize-sale-of-fraudulent-tribal-bonds\/","title":{"rendered":"Hunter Biden\u2019s name used to legitimize sale of fraudulent tribal bonds"},"content":{"rendered":"
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Hunter Biden (Left) and his former business partner Devon Archer (Right).<\/p>\n<\/div>\n

Part II of a series<\/p>\n

WAKPAMNI LAKE \u2013 The Wakpamni Lake Community Corporation bond scheme that defrauded unwitting investors of more than $60 million, attracted the attention of the Wall Street Journal, because of a high profile name connected to it, Hunter Biden.<\/p>\n

The bond offerings by the Wakpamni Lake Community Corporation, promised millions in relief to one of the most impoverished areas in the nation, with little or no economic development opportunities. However the old adage, \u201cIf it seems too good to be true, then it probably is\u201d turned out to be true in this case.<\/p>\n

According to the U.S. Attorney\u2019s office, in May 2016, seven people connected to the WLCC case were indicted then arrested for securities fraud and conspiracy to commit securities fraud; Jason Galanis, Hugh Dunkerley, Gary Hirst, John Galanis, a\/k\/a \u201cYanni,\u201d Bevan Cooney, Devon Archer and Michelle Morton. www.justice.gov\/usao-sdny\/pr\/seven-defendants-charged-manhattan-federal-court-defrauding-native-american-tribe-and<\/a><\/p>\n

The indictment reads, \u201cFrom March 2014 through April 2016, JOHN GALANIS, ARCHER, and COONEY, along with their co-conspirators Jason Galanis, Hugh Dunkerley, Gary Hirst, and Michelle Morton, engaged in a fraudulent scheme that involved (a) causing the Wakpamni Lake Community Corporation (\u201cWLCC\u201d), a Native American tribal entity, to issue a series of bonds (the \u201cTribal Bonds\u201d) through lies and misrepresentations; (b) deceptively causing clients of asset management firms controlled by Morton and others to purchase the Tribal Bonds, which the clients were then unable to redeem or sell because the bonds were illiquid and lacked a ready secondary market; and (c) misappropriating the proceeds resulting from those bond sales.\u201d<\/p>\n

All of the defendants have been tried and sentenced for varying degrees of securities fraud and conspiracy to commit securities fraud.<\/p>\n

However during Devon Archer\u2019s trial in June of 2018, an old Yale classmate of Archer\u2019s was repeatedly implicated in the scheme. According to court transcripts Archer was a longtime business partner of Hunter Biden and the pair were connected to an \u201cto an opaque investment company, called Rosemont Seneca Bohai, LLC, which on information and belief, was affiliated with Rosemont Seneca Partners, LLP, an investment company run by Archer\u2019s friend and former college roommate, Hunter Biden.\u201d<\/p>\n

Rosemont was started by Archer, Joe Biden\u2019s son, Hunter Biden, and the heir to the Heinz ketchup empire, Christopher Heinz.<\/p>\n

According to prosecutors at Archer\u2019s trial, Archer and Biden were also connected to the Burnham Financial Group, \u201cwhere his business partner Devon Archer \u2014 sat on the board of directors.\u201d Biden was listed as the vice-president.<\/p>\n

Although Burnham was not named in any court proceedings, they were the alleged placement agent for the Wakpamni Lake Community Corporation tribal bond offerings.<\/p>\n

According to an article in the New York Post (nypost.com\/2020\/01\/18\/how-five-members-of-joe-bidens-family-got-rich-through-his-connections\/<\/a>) \u201cBurnham became the vehicle for a number of murky deals abroad, involving connected oligarchs in Kazakhstan and state-owned businesses in China.\u201d<\/p>\n

\u201cBut one of the most troubling Burnham ventures was here in the United States, in which Burnham became the center of a federal investigation involving a $60 million fraud scheme against one of the poorest Indian tribes in America, the Oglala Sioux,\u201d the Post article reads.<\/p>\n

According to trial transcripts Biden\u2019s name was used to \u201cdrum up business for the scheme,\u201d and lent \u201clegitimacy\u201d because of his father\u2019s political status as vice-president.<\/p>\n

\u201cAlthough Hunter Biden was not charged in the case, his fingerprints were all over Burnham,\u201d the Post article states.<\/p>\n

The article alleges that the scheme was \u201cexplicitly designed to target pension funds that had \u2018socially responsible investing\u2019 clauses, including pension funds of labor union organizations that had publicly supported Joe Biden\u2019s political campaigns in the past.\u201d<\/p>\n

Of the 11 pension funds that lost money, eight were government employee or labor union pensions and that both recruiting pension money and alleviating investor\u2019s concerns relied on the Biden name which Jason Galanis in an August 2014 email called \u201cvalue beyond capitol.\u201d<\/p>\n

The Post article states that, \u201cTim Anderson, a lawyer who did legal work on the issuance of the tribal bonds, recounts seeing Hunter while visiting the Burnham office in New York City to meet with Bevan Cooney, who was later convicted in the case. In the closing arguments at the trial, one of Archer\u2019s defense attorneys, Matthew Schwartz, explained to the jury that it was impossible to talk about the bond scheme without mentioning Hunter Biden\u2019s name. This \u2018was perfectly sensible,\u2019 according to Schwartz, \u2018because Hunter Biden was part of the Burnham team.\u2019\u201d<\/p>\n

The Wall Street Journal also states that during Archer\u2019s trial, the CEO of the WLCC, Raycen Raines told prosecutors that Archer\u2019s and Biden\u2019s names were \u201cthrown around\u201d during discussions about the WLCC deal by Galanis and the attorney representing the tribal corporation.<\/p>\n

\u201cSo when [the lawyer] told you that Mr. Archer and Hunter Biden were involved in the deal, it leant some credibility, isn\u2019t that right?\u201d Schwartz, Archer\u2019s attorney asked Raines during the trial.<\/p>\n

\u201cYes,\u201d Raines replied at the trial.<\/p>\n

However according Hunter Biden\u2019s attorney, who told the Wall Street Journal, (www.wsj.com\/articles\/hunter-bidens-name-was-used-as-selling-point-in-fraudulent-bond-scheme-11571863676<\/a>), Hunter Biden knew nothing about the scheme.<\/p>\n

The WSJ states that federal prosecutors never alleged that Hunter Biden was aware of the scheme.<\/p>\n

\u201cThe defendants\u2026invoked and used Hunters name \u2013 without his knowledge \u2013 to lend their business venture more credibility,\u201d George Mesires, Hunter Biden\u2019s Attorney told the Wall Street Journal. \u201cAs soon as Hunter learned of the illegal conduct, and that his name was being used in this unauthorized and inappropriate manner, Hunter took immediate steps to ensure his business interests would not be associated with the Burnham Group or any of its associates.\u201d<\/p>\n

Also according to the Wall Street Journal, the judge hearing the fraud case against Archer, wasn\u2019t convinced of his guilt and overturned the verdict against him. Federal prosecutors appealed the judge\u2019s decision to the U.S. Appeals for the Second Circuit.<\/p>\n

Burnham shut down shortly after a complaint was filed with the Securities Exchange Commission and is no longer licensed.<\/p>\n

(Contact Ernestine Chasing Hawk at production@nativesunnews.today<\/a>)<\/p>\n

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Visit Original Source<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/span><\/div>

Hunter Biden (Left) and his former business partner Devon Archer (Right). Part II of a series WAKPAMNI LAKE \u2013 The Wakpamni Lake Community Corporation bond scheme that defrauded unwitting investors of more than $60 million, attracted the attention of the Wall Street Journal, because of a high profile name connected <\/p>\n

Read More<\/a>
Shared by Native Sun News Today<\/a> January 28, 2020<\/p>\n

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