Biden\'s Son, Brother Marketed Hedge Fund Through Stanford Company

Date: Wednesday, February 25, 2009
Author: FOSNews.com

Vice President Joe Biden's brother and son ran a fund of hedge funds marketed by companies controlled by disgraced Texas billionaire R. Allen Stanford, according to a report published in the Wall Street Journal.

Vice President Joe Biden's brother and son ran a fund of hedge funds marketed by companies controlled by disgraced Texas billionaire R. Allen Stanford, who faces massive fraud accusations, the Wall Street Journal reports.

The $50 million fund was jointly branded between the Biden family's Paradigm Global Advisors LLC and a Stanford Financial Group entity and was called the Paradigm Stanford Capital Management Core Alternative Fund, according to the report published Monday in the Wall Street Journal.

Stanford-related companies reportedly marketed the fund to investors and also invested about $2.7 million of their own money in the fund, according to a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James.

Stanford has been accused in a Securities and Exchange Commission civil lawsuit for his part in an $8 billion fraud. He was served with legal papers by FBI agents last week but has not been charged with any crime.