Web of LLCs, efforts to hide sources of money, direct China cash, influence peddling in Romania
WASHINGTON—House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today released a bank records memorandum detailing new information obtained in the committee’s investigation into the Biden family’s influence peddling and business schemes. The Oversight Committee has obtained thousands of pages of financial records revealing the Biden family and associates’ complicated network of companies set up during Joe Biden’s vice presidency and the millions the Bidens received from foreign sources. The financial records also reveal how the Bidens used complicated transactions to hide payments from foreign nationals, including CCP-linked associates, and provide clear indications of influence peddling schemes during then-Vice President Biden’s tenure.
“The Bidens intentionally sought to hide, confuse, and conceal their influence peddling schemes, but bank records don’t lie. The Bidens made millions from foreign nationals providing what seems to be no services other than access and influence. From the thousands of records we’ve obtained so far, we know the Biden family set up over a dozen companies when Joe Biden was vice president. The Bidens engaged in many intentionally complicated financial transactions to hide these payments and avoid scrutiny. In at least one instance, the Bidens’ CCP-linked associates took steps to conceal the source of the payment to the Bidens.
“The Bidens’ foreign entanglements are breathtaking and raise serious questions about why foreign actors targeted the Biden family, what they expected in return, and whether our national security is threatened. We will continue to pursue additional bank records to follow the money trail and inform legislative solutions to prevent this type of corruption. Americans deserve answers, transparency, and accountability,” said Chairman Comer.
- The Complicated Web of Biden Family and Associates’ Companies: Biden family members and business associates created a web of over 20 companies—most were limited liability companies formed after Joe Biden became Vice President.
- The Biden Family Received Millions of Dollars from Foreign Sources: Bank records show the Biden family, their business associates, and their companies received over $10 million from foreign nationals’ and their related companies. The Committee has identified payments to Biden family members from foreign companies while he served as Vice President and after he left public office.
- The Biden Family Used Business Associates’ Companies to Receive Foreign Funds: Despite creating many companies after Vice President Biden took office, the Biden family used business associates’ companies to receive millions of dollars from foreign companies.
- Attempts to Conceal Large Financial Transactions: After foreign companies sent money to business associates’ companies, the Biden family received incremental payments over time to different bank accounts. These complicated financial transactions appear to be meant to conceal the source of the funds and reduce the conspicuousness of the total amounts made into the Biden bank accounts.
- Chinese Nationals Hid the Source of the Money:Chinese nationals and companies with significant ties to Chinese intelligence and the Chinese Communist Party hid the source of the funds paid out to the Bidens by layering domestic limited liability companies. The Biden family and associates’ activities in coordination with Chinese nationals and their corporate entities appear to be an attempt to engage in financial deception. Multiple Biden family members received money from the Chinese after it passed through an associate’s account. Additionally, Hunter Biden received money directly into his company’s account from a Chinese-controlled entity.
- Biden Family and Associates’ Activities in Romania Indicate Influence Peddling Scheme: The Biden family and associates’ activities in Romania bear clear indicia of a scheme to peddle influence from 2015 to 2017. While Vice President Biden lectured Romania on corruption and ethics, the Bidens received over a million dollars from a company controlled by a Romanian individual accused of corruption, Gabriel Popoviciu, through a Biden family associate.