Wednesday, 29 June 2016
Last updated 5 hours ago
Feb 24 2009 | 12:31pm ET
A hedge fund shop owned by Vice President Joseph Biden’s brother and son was in business with accused fraudster R. Allen Stanford, according to a published report.
The Wall Street Journal reports that Paradigm Global Advisors managed a fund of hedge funds that was marketed exclusively by the Stanford Financial Group and its associated entities and business. The $50 million fund was known was the Paradigm Stanford Capital Management Core Alternative Fund.
In addition, Stanford-related companies invested about $2.7 million of their own money in the fund.
Paradigm is owned by Hunter Biden, the vice president’s son, and James Biden, his brother, and Hunter Biden, a lobbyist by trade, served as its CEO for a time. The Stanford link is not the first time their ownership of Paradigm has produced unpleasant press for the vice president; Hunter and James Biden were slapped with a pair of lawsuits accusing them of defrauding a former partner and a former owner of Paradigm. The Bidens settled one of the suits.
Stanford has been charged by the Securities and Exchange Commission with defrauding investors of about $8 billion.