Stanford link to ‘second family fund’
Tuesday 24th February 2009, 10:10AM GMT.
A fund of hedge funds run by two members of US vice president Joe Biden’s family was marketed by firms connected to Sir Allen Stanford, it has been claimed.
The Texan billionaire is facing charges over a $9 billion fraud involving certificates of deposit with unrealistically high interest rates from his Stanford International Bank in Antigua.
The claims have rocked the worlds of investment and sport, with Sir Allen heavily involved with English cricket.
And now according to the Wall Street Journal family members of the US vice president have become embroiled, although there is no suggestion of wrongdoing by any of the Bidens.
A lawyer quoted by the newspaper says the $50 million Paradigm Stanford Capital Management Core Alternative Fund was part owned by the vice president’s son Hunter and brother James.
It claims that neither man met or communicated with Sir Allen and that Stanford-related companies invested roughly $2.7 million of their own money into the fund.
When contacted by the Reuters news agency Joe Biden’s office or the US securities and exchange commission (SEC), which filed civil charges over the alleged fraud last week, were not immediately available for comment.
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