GOP House Investigators Allege Biden Family Used Complicated Web to Collect Millions in Foreign Cash
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House Republicans investigating President Joe Biden's family business dealings say the Bidens used a web of shell companies to conceal foreign cash.
"We saw evidence of intentionally taking steps to hide the sources of money coming directly from China through a series of financial gymnastics," said U.S. Rep. Nancy Mace (R-SC). "Joe Biden's political career was winding down at the time and this was one of the Biden family's last chances to cash in on the name."
Sixteen of the 20 companies were formed during the president's time as vice president, according to bank records obtained by GOP members of the House Oversight Committee.
The complicated web of more than 20 companies received more than $10 million from foreign nationals, including companies with ties to the Chinese Communist Party.
The House committee also released a 36-page memo highlighting how money allegedly flowed from foreign entities to the companies created as LLCs while Biden was vice president. It does not specifically allege a crime was committed by family members or any relative of President Biden.
"These complicated financial transactions appear to conceal the source of the funds and reduce the conspicuousness of the total amounts made into the Biden bank accounts," the committee said in the memo.
The Bidens took steps to hide, confuse, and conceal payments they received from foreign nationals. Here’s one example how a CCP-linked associate layered domestic limited liability companies to pay Hunter Biden. pic.twitter.com/GCx81QbrP3— Oversight Committee (@GOPoversight) May 10, 2023
The Democratic staff of the House Oversight Committee later released their own five-page memo accusing James Comer, chairman of the House Oversight Committee, of "unfounded accusations against President Biden and his family based on cherry-picked and misleading information about banking documents."
The White House dismissed the whole investigation as "yet another political stunt."
"Congressman Comer has a history of playing fast and loose with the facts and spreading baseless innuendo while refusing to conduct his so-called 'investigations' with legitimacy," White House spokesperson Ian Sams said in a statement.
In a series of tweets Wednesday morning, noted George Washington University Professor Jonathan Turley wrote about the House committee's investigation saying, "The House Oversight presser just began with Chair James Comer announcing 'astonishing' findings from the last four months of investigation including the transfer of money to the Biden family, including during the period when Joe Biden was Vice President."
Turley explained the Kentucky congressman began with "the new disclosure of $1 million that went to the Biden family from Romania while Joe Biden was working on Romanian issues. Comer noted that this money ended when Biden left the vice presidency."
"Comer also claims that they have uncovered millions sent from Chinese interests through companies to the Biden family. He details the use of an array of different companies and different banks to transfer money from China in allegedly an effort to conceal the transfers," the Georgetown law professor wrote.
As the investigation continues, the Oversight Committee is seeking to involved the FBI.
"Comer is also addressing the 1023 form that they are seeking from the FBI on the alleged bribery allegations made against the President. Comer says that the whistleblower's allegation is 'consistent' with the Committee's own investigation, including information from banks," he noted.
Turley wrote the House chair "is listing new legislative efforts being considered. That could be key to any fights in court to show legitimate legislative interest in these records and documents."
"Rep. Andy Biggs (R-AZ) is adding details on the movement of money to Biden family accounts through a complex network of accounts and companies. He said that Rob Walker paid Biden members more than $2 million from his account. He claims that the payment showed a one-third pattern that would go to the Bidens," he explained.
Congresswoman Mace also detailed the findings of the shell companies used to send money to up to nine Biden family members not just from China but Romania.
"The Romanian details are new," Turley noted.
Mace also suggested certain "layering schemes" were employed to keep others from following the money. She noted that there was a pattern of 30 percent being repeatedly carved out for the Biden family.
"Rob Walker features greatly in these transfers," Turley wrote. "Rep. Kelly Armstrong (R-ND) detailed how Walker was paid $3 million from a Romanian figure known for corruption and bribery. One-third was then sent to the Bidens."
"During this period, Biden in May 2014 was speaking about corruption in Romania," he wrote. "In Sept. 2015, Biden welcomed the Romanian president to Washington. Five weeks later, money flowed to Biden associates through multiple accounts. Haley Biden received some of this money."
More about the House Oversight Committee's investigation is below:
.@RepJamesComer on investigation into Hunter Biden and President Biden’s family: "The investigation will enter a new phase now that is armed with information attained in the bank records. I will soon issue a new round of subpoenas to banks for specific targeted information." pic.twitter.com/NmV1ajrwg7— CSPAN (@cspan) May 10, 2023
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