Banking and other records made public Wednesday by House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) depict a complex money laundering scheme involving millions of dollars, many from foreign countries, given to President Joe Biden and nearly a dozen members of his family.
In a memorandum summarizing findings to date of the House Committee on Oversight and Accountability, chaired by Comer (R-Ky.), investigators described examining thousands of bank records and legal documents depicting nearly two dozen Limited Liability Corporations (LLCs) established by Biden family members to receive payments from private clients, corporations and foreign governments, including China and Romania.
“Biden family members and business associates created a web of over 20 companies—most were limited liability companies formed during Joe Biden’s vice presidency,” the memorandum said. “Bank records show the Biden family, their business associates, and their companies received over $10 million from foreign nationals’ companies. The Committee has identified payments to Biden family members from foreign companies while Joe Biden served as Vice President and after he left public office.”
The memorandum continued, explaining that “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. 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 conceal the source of the funds and reduce the conspicuousness of the total amounts made into the Biden bank accounts. Chinese nationals and companies with significant ties to Chinese intelligence and the Chinese Communist Party hid the source of the funds by layering domestic limited liability companies.”
The Kentucky Republican told journalists in a May 10 news conference that stacks of Suspicious Activity Reports (SARs) his committee obtained from the Department of Treasury and information received from whistleblowers leave little doubt that the scheme’s only product was selling access to the senior Biden during his vice-presidential tenure and thereafter.
