Hunter Biden touted his family’s political clout to solicit a $5 million investment from China for his U.S.-based financial advisory firm, according to a court filing by a white-collar convict who claims he had an inside view into Biden’s murky foreign business dealings.
John Galanis, 77, argues that the younger Biden used his businesses as a “pay-to-play influence peddling operation” by offering access to influential people in Washington, D.C., in exchange for investments. Galanis, who was convicted in 2018 of defrauding investors and the Wakpamni tribal community, states in the affidavit that his son, Jason Galanis, provided him with details of Biden’s offshore deals after befriending Biden’s longtime business partner Devon Archer.
In the affidavit, Galanis says that Biden and Archer worked to secure $15 million for their financial advisory company from the Chinese investment fund Harvest Fund Management in 2015, which agreed to provide them with $5 million after Biden reached out directly to the firm’s chairman and said it would be important to the Biden family.
“To induce Chinese, Biden sends email to Henry Zhao, Chairman/founder of Harvest,” said Galanis. “[Biden] says investment would be important to his family. Chinese agree to $5 million investment in Burnham Asset Management alone.”
At the time, Archer and Biden’s investment advisory firm, Burnham Financial, was facing significant financial problems and needed the $5 million investment to stay afloat. The company’s independent trustees told Archer that they had “very grave concerns” about “the solvency of Burnham” and were considering moving the funds to a different adviser, according to minutes from an October 2015 board meeting that were included in a previous court appeal by Archer.
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