Now, Stanford linked to fund run by BidensFebruary 24th, 2009 - 5:16 pm ICT by ANI
Washington, Feb.24 (ANI): Texas financier R. Allen Stanford, who is facing Securities and Exchange Commission accusations of committing an eight billion dollar fraud, is said to have links to a fund of hedge funds run by two members of Vice President Joe Biden’’s family.
The 50 million dollar fund was jointly branded between the Bidens” Paradigm Global Advisors LLC and a Stanford Financial Group entity and was known as the Paradigm Stanford Capital Management Core Alternative Fund, reports Fox News.
Stanford-related companies marketed the fund to investors and also invested about 2.7 million dollars of their own money in the fund, according to a lawyer for Paradigm.
The vice presidents son, Hunter, and Joe Bidens brother, James, own paradigm Global Advisors through a holding company.
The fund has offered to turn over the 2.7 million dollar investment it received from Stanford’’s firm in 2007 to a court-appointed receiver in the SEC’’s civil fraud case involving Stanford, according to Paradigm’’s attorney, Marc X. LoPresti.
The fund terminated its relationship with Stanford’’s companies after the SEC filed civil charges against them last week, LoPresti said.
Mr. LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, said he didn”t know which Stanford entity invested the roughly 2.7 million dollars.
He said the Bidens never met or communicated with Stanford.
The vice president’’s office also had had no comment to make on the issue. (ANI)
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