James Biden, the brother of President Joe Biden, didn’t provide any services to Americore despite obtaining a $600,000 loan from the struggling healthcare company on the promise that his name could bring in funding from the Middle East, which never materialized, Fox News has learned.
Carol Fox, a Chapter 11 trustee for the financially distressed hospital operator, spoke with members of the House Oversight Committee in an interview where she detailed Americore’s relationship with James Biden.
Fox said the loan was provided to Biden with no documentation in return for the promise of funding from the Middle East that never came. She filed a lawsuit against Biden, saying he made “representations that his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections.”
The suit demanded that the $600,000 loan be paid back to Americore. In a transcribed interview with the committee, Fox said she didn’t see records or documents of the loan from Americore.
On March 1, 2018, Americore wired a $200,000 loan into the personal accounts of James Biden and his wife, Sara. That same day, James Biden wrote the president a $200,000 check from the same personal account.
“Some immediate questions President Biden must answer for the American people: Does he have documents proving he lent such a large sum of money to his brother and what were the terms of such financial arrangement?” House Oversight Committee Chairman James Comer said in October. “Did he have similar financial arrangements with other family members that led them to make similar large payments to him?”
Fox said the money paid to the president could have come from two sources: predatory loans or senior citizens’ money fraudulently invested by James Biden’s business partner, Michael Lewitt.
Comer previously said that even if the payment was “a personal loan repayment, it’s still troubling that Joe Biden’s ability to be paid back by his brother depended on the success of his family’s shady financial dealings.”
She also said the $350,000 settlement with James Biden was fair and equitable.