Joe Biden’s brother had an ill-defined role at a distressed healthcare company that paid him more than $600,000 worth of loans, a bankruptcy trustee told lawmakers.
U.S. Trustee Carol Fox testified before the House Oversight and Judiciary Committees about her investigation of Americore’s finances and James Biden’s services for the company, according to a transcript reviewed by the Caller. (RELATED: Ex-Joe Biden Associate Says He Loaned James Biden $800,000 And Only Got Half The Money Back)
🚨TRANSCRIPT RELEASE 🚨
Today, we are releasing the transcript of our transcribed interview with Carol Fox, a trustee for Americore’s bankruptcy proceedings.
Americore Holdings, LLC is the financially distressed and failing rural hospital operator that James Biden is alleged to…
— Oversight Committee (@GOPoversight) February 7, 2024
James Biden’s business card listed him as a “principal” for Americore but it’s unclear what he actually did for the company, Fox testified.
“Well, we have what his business card says he does, but in as far as what he actually did while he was in the company, that preceded my involvement with the company. And so I think we have a business card that says what his perceived — what his stated role was, but what he actually did, I don’t know,” she said.
Fox took steps to figure out what James Biden during her investigation of Americore and to identify the services conducted by Biden’s consulting firm Lion Hall Group.
“So I do know that, through Mr. Biden’s consulting company, Lion Hall, he purportedly provided consulting services to the debtor, or to the debtors,” Fox asserted. “But what those services were, yeah, I don’t — I don’t — I can’t say specifically.”
Americore was a healthcare company and Biden could have provided services on the business side such as financial services or investment banking. Fox did not find Biden carried out any business services for the firm.
“Well, I guess that depends, you know, whether the person is medical versus nonmedical. So I think since we can stipulate that Mr. Biden was nonmedical, we’ll go on that track. And so there’s a variety of services that he could’ve provided. He could’ve provided financial advisory, could’ve provided some sort of financial services, investment banking,” Fox said.
“I did not think that he provided services to the debtors, no,” she added after a follow up question. (RELATED: Chinese Firm Sent Biden Enterprise $3 Million As ‘Thank You’ For Work When Joe Biden Held Office, Comer Says)
Fox sued James Biden in 2022 to recover $600,000 of funds Americore loaned to Biden. The company sent Biden a $400,000 loan in January 2018 and followed up with a $200,000 loan in March 2018, her complaint against Biden shows.
🚨 BREAKING 🚨
— Oversight Committee (@GOPoversight) October 20, 2023
On the same day James Biden received the $200,000 loan, he sent a $200,000 check to Joe Biden for what the check deems a “loan repayment,” House Oversight Committee Chairman James Comer revealed in October.
Fox confirmed in the testimony that Americore wired James Biden $200,000 on the same day he sent it to Joe Biden and said she could not find documentation of either loan.
Fox identified the payments to James Biden by looking through Americore’s bank records. She could not find financial documentation of the purported loans.
“So we would have looked at the documents produced in this case to see if there was any evidence of a promissory note. I mean, that would be one thing that we would look for,” Fox informed lawmakers about the $400,000 loan.
“There was one thing that said ‘loan,’ and that’s why this was called a loan, is because of the exhibits that were filed with this complaint,” she added. Fox confirmed that she similarly could not find evidence of the promissory note for the $200,000 loan.
In addition, Fox could not find documentation of potential collateral or the reason James Biden took the $400,000 loan. There was no documentation of the terms of the loan whatsoever, Fox said. She delivered nearly identical testimony about the $200,000 loan.
“Right. So there was no document referencing a stated interest rate or repayment terms or collateralization,” she said of the $200,000 loan.
She was shown the $200,000 check James Biden wrote to Joe Biden and asked a series of questions about it. It was the first time Fox had seen the check.
“So, looking at the check — and, as we just said, it’s for $200,000, and it’s on the same day that James Biden received the same exact loan amount from Americore — this would be the same amount, date, and — that you allege in the lawsuit as a fraudulent transfer, correct?” she was asked.
“Yes,” Fox replied.
Moreover, James Biden received $10,000 from Americore in June 2018 for supposed consulting and marketing services, according to the transcript. Like the bank records, Fox said did not find documentation of a consulting or marketing agreement when she investigated Americore’s finances.
Fox’s complaint said James Biden promised he could use his last name to “open doors” for Americore and vowed to secure a large investment from the Middle East. She told lawmakers she could hand over supporting information and documentation to back up those assertions.
The money sent to James Biden could have come from either a hedge fund made up of investments by senior citizens or merchant cash advances, Fox testified.
Henry Rodgers contributed to this report