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An impeachment witness told the House Oversight Committee that there is no documentation of work done for a loan provided to presidential brother James Biden before a huge payment was made to his brother, according to a transcript of the testimony released by the panel.
Just the News reported Wednesday that, per the transcript, Carol Fox, “a representative of Americore, the now-bankrupt healthcare company that loaned” James Biden “hundreds of thousands of dollars before it went under,” said she “could neither determine what role (he) played nor identify any paperwork backing up the loans made to him from the struggling company in 2018.”
Fox told the committee that Biden allegedly rendered consulting services to the company via his firm, Lion Hall, but during her financial investigation, she was unable to ascertain the exact nature of these services or Biden’s position at Americore, despite his designation as a “Principal” on his business card, Just the News noted, citing the transcript.
“What was James Biden’s role at Americore?” investigators asked, per the transcript.
“I don’t think we know,” she replied. “Well, we have what his business card says he does, but in as far as what he actually did while he was in the company, that preceded my involvement with the company. And so I think we have a business card that says what his … stated role was, but what he actually did, I don’t know.”
In July 2022, as trustee of the bankruptcy estate, Fox filed a lawsuit against James Biden for his failure to repay the $600,000 in loans and due to the inability to identify the services he purportedly provided. The court documents were previously revealed by the House Oversight Committee during its investigation into James Biden’s payment to his brother, President Joe Biden.
“Is it fair to say that you weren’t able to identify any services that he provided to Americore?” investigators asked.
“Well, that’s why I sued him, so…” she responded. “I did not think that he provided services to the debtors.”
Indeed, Fox’s financial investigation uncovered no documentary evidence supporting the “consulting & marketing” services for which Americore paid James Biden $10,000 in addition to the loans, the outlet reported.
“There’s the same amount of documentation for the consulting and marketing agreement as there is for the loans — none,” Fox told the panel.
Not only was Fox unable to identify the services James Biden provided to Americore, but her investigation also failed to uncover any paperwork documenting the loans the company allegedly sent to him, in spite of bank records showing that transfers were indeed made.
Just the News adds:
The financial investigation uncovered a $400,000 wire transfer to Biden’s bank account identified as a “loan” from the bank records, however, Fox told the committee that her investigation did not find any promissory notes or official documentation for the payment. She also could not identify documentation showing the collateral for the loan nor the justification for it.
“And were there any documents or promissory notes or anything documenting the loan itself?” investigators queried.
“No. There was one thing that said ‘loan,’ and that’s why this was called a loan, is because of the exhibits that were filed with this complaint (the lawsuit against James Biden)…” she responded.
“Do you know if there was any documentation showing what the loan was potentially collateralized by?” Fox was asked later. “I didn’t find any documentation supporting that,” she answered.
“Did you find any documentation where James Biden submitted the reason why he was trying to obtain this loan from Americore?” investigators asked. “No,” said Fox.
The Oversight Committee initially identified Americore as the source of several loans provided to James. The committee argues that some of these funds were utilized to make a payment to his brother, Joe Biden. Overall, the committee discovered $600,000 in loans from the healthcare company, which managed rural hospitals, to James.
One specific loan, amounting to $200,000, was transferred to James Biden’s personal bank account by Americore. On the same day, he made a payment of an equivalent amount to his brother, characterizing it as a loan repayment. The committee argues that the transfer from Americore facilitated the payment to Joe Biden despite the company’s dire financial situation.