Biden\'s Son, Brother Named in Two SuitsBy Kimberly Kindy and Joe StephensWashington Post Staff Writers
Sunday, August 24, 2008
Excerpt
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.
The legal actions have been playing out in New York State Supreme Court since 2007, and they focus on Hunter and James Biden\'s involvement in Paradigm Companies LLC, a hedge fund group. Hunter Biden, a Washington lobbyist, briefly served as president of the firmA 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.
The legal actions have been playing out in New York State Supreme Court since 2007, and they focus on Hunter and James Biden\'s involvement in Paradigm Companies LLC, a hedge fund group. Hunter Biden, a Washington lobbyist, briefly served as president of the firm.
Hunter Biden was made president with an annual salary of $1.2 million, despite his inexperience in the hedge fund industry, the lawsuit said. Before that, he had been part of the Washington law firm Oldaker, Biden & Belair, which earned $1.76 million in lobbying revenue in the first half of 2006, according to Congressional Quarterly\'s CQ MoneyLine. One of its biggest clients is the National Association of Shareholder and Consumer Attorneys, a District-based group representing law firms specializing in investment and corporate law.
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/23/AR2008082302200.htmlThis is relevant. The son got a job with an annual salary of 1.2 million dollars in hedge funds with no experience because he had to get out of lobbying because his father was trying to get nominated for VP.