Biden Kin’s Hedge Fund Linked To Stanford

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.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.