House Republicans have asserted that Hunter Biden, son of then-Vice President Joe Biden, used his father's position to influence the outcome of a 2016 SEC investigation.
The investigation centered on financial malpractices involving Hunter's business associates and some entities linked to them, Fox News reported.
According to House Oversight Committee Chairman James Comer, R-Ky., and House Judiciary Committee Chairman Jim Jordan, R-Ohio, the investigation involved a tribal bond scheme. Several individuals tied to this scheme were charged under federal securities laws. Chairmen Comer and Jordan's ongoing impeachment inquiry against President Biden has led them to review these events closely.
The probe implicated Hunter Biden's then-business partner, Devon Archer, and their shared investment entity, Rosemont Seneca Bohai. In March 2016, Hunter was subpoenaed to provide communications and documents of this entity, possibly linking him to the investigated activities.
The seriousness of the implications is demonstrated by the involvement of other associates as well. Devon Archer was indeed linked to fraudulent activities, alongside Jason Galanis, who has admitted to securities fraud in association with the same tribal bonds.
During the scrutiny, Hunter Biden's attorney issued a statement reinforcing the need for discretion due to the political implications:
As a threshold matter, we request that you treat this matter with the highest degree of confidentiality, consistent with Commission policy and applicable law. The confidential nature of this investigation is very important to our client and it would be unfair, not just to our client, but also to his father, the Vice President of the United States, if his involvement in an SEC investigation and parallel criminal probe were to become the subject of any media attention.
Comer and Jordan indicate this statement seemed to underscore an attempt to minimize further scrutiny by mentioning Hunter's father's high office. On May 11, 2016, the SEC concluded its investigation by charging seven individuals, excluding Hunter and Devon Archer.
Devon Archer was eventually convicted in 2018 and sentenced for his part in defrauding a Native American tribal entity and various investment advisory clients. His partner, Jason Galanis, was sentenced to 14 years in prison the year before.
The ongoing legislative scrutiny involves demanding numerous documents from the SEC, related to the agency’s interactions with the White House during the vice-presidential tenure of Joe Biden. As this inquiry deepens, Chairmen Comer and Jordan have also demanded testimony from Tejal D. Shah, who was part of the original SEC investigation team.
Further compounding the political drama, earlier this month, the House heads, including Ways and Means Committee Chairman Jason Smith, pushed for criminal charges against Hunter and James Biden, Joe Biden’s brother. These charges concern alleged falsehoods stated to Congress about specifics of the impeachment inquiry, notably Hunter's claim about his involvement with Rosemont Seneca Bohai.
With this revelation, the House Republicans continue their impeachment investigation. They propose that Joe Biden might have been aware, possibly complicit, in what they term "international influence-peddling schemes." These schemes purportedly have fetched millions in revenue for the Biden family.
As Congress delves further into these allegations, the political and legal implications remain significant, potentially shaping the discourse ahead of the upcoming election cycles. The investigation seeks to untangle a complex web of international financial transactions and familial ties at the highest levels of American politics.
