The Securities and Exchange Commission (SEC) filed a lawsuit against a business deal that involved U.S. President Biden’s brother, James. Further reports say the complaint was filed against the Third Friday Management company and James’ associate, Michael Lewitt.Last week, the Securities and Exchange Commission (SEC) reportedly filed a lawsuit against the Third Friday Management company and a business deal that involved U.S. President Joe Biden‘s brother, James, and his associate, Michael Lewitt. Further reports say the complaint was filed in the Southern District of Florida.
According to Hazard, the SEC accused the Third Friday Management and the associate of Biden’s brother of participating in fraud and fiduciary negligence of funds, their clients, and investors. Reports say Lewitt did not inform investors that he had taken $30 million from their funds and invested the money in healthcare companies that went bankrupt.
SEC on Lawsuit Involving Biden’s Brother
According to Irwin, apart from the healthcare investment, the SEC also accused the associate of Biden’s brother of misappropriating $4.7 million of funds for personal use which included more than $900,000 to pay an IRS federal tax lien.
Further reports say the lawsuit also accused Biden’s brother and Lewitt of committing fraud against Diverse Medical Management, a hospital corporation. However, in a counterclaim, both James Biden and Lewitt maintained that they did not receive financial due diligence and only provided short-term funding. Nonetheless, Lewitt is scheduled to appear in court in 19 days.