Sunday, August 24, 2008

BIDEN'S SON, BROTHER NAMED IN TWO SUITS

Washington Post - A son and a brother of Sen. Joseph R. Biden Jr. (D-Del.) are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour, court records show. The Democratic vice presidential candidate's son Hunter, 38, and brother James, 59, assert instead that their former partner defrauded them by misrepresenting his experience in the hedge fund industry and recommending that they hire a lawyer with felony convictions. . . A lawsuit filed by their former partner Anthony Lotito Jr. asserts in court papers that the deal was crafted to get Hunter Biden out of lobbying because his father was concerned about the impact it would have on his bid for the White House. Biden was running for the Democratic nomination at the time the suit was filed. Hunter Biden was made president with an annual salary of $1.2 million, despite his inexperience in the hedge fund industry, the lawsuit said. . . Hunter Biden is one of many children and relatives of prominent members of Congress who have made their careers as lobbyists. He returned to lobbying after less than a year with Paradigm.

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