Fund manager sues son and brother of U.S. Senator Biden

[PatSeg]

Does anyone know anything about this?

NEW YORK, Aug 6 (Reuters) - A Deutsche Bank executive is suing a son and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents.
Stephane Farouze, who is global head of fund derivatives for Deutsche Bank and lives in London, claimed that Biden's son Hunter and brother James broke a May 2006 contract and defrauded him after agreeing to buy his membership interests in New York-based Paradigm Companies LLC.
The lawsuit filed in New York State Supreme Court in Manhattan in June names Washington lobbyist Hunter Biden, James Biden, and James's former business partner Anthony Lotito as defendants.
On Wednesday, Farouze's lawyer Marlen Kruzhkov said that the Bidens "never had any intention of carrying out the agreement with my client".
He said the Bidens and their lawyers have not responded to the complaint.
Representatives for the Bidens could not immediately be reached for comment.

http://www.guardian.co.uk/business/feedarticle/7706188

[gateley]

1. Hmmm.

Damn. Don't know anything about it. The fact that he states the Bidens "never had any intention of carrying out the agreement with my client" makes me think the charge is iffy. But maybe I'm just looking for a bright side.

[Muttocracy]

2. no idea but we have a couple of banker types around here

I don't know anything about the previous lawsuit mentioned further down either.

:shrug:

[PatSeg]

3. The whole just doesn't sound right

I wouldn't put hedge fund and Biden in the same sentence.

[jillan]

5. Never mind - I'll ask Debi :)

[Muttocracy]

7. he is a lawyer and lobbyist - I think for Amtrak actually. nt

[Debi]

15. HA!

This is actually the second lawsuit poor Hunter and Jimmy have been involved in:

http://www.washingtonpost.com/wp-dyn/content/article/2007/02/20/AR2007022001404.html

I think that it's just a risky business and when profits don't appear (or losses are great) somebody sues somebody else.

:shrug:

[Muttocracy]

16. you should post that in the other thread if it isn't there yet. nt

[Debi]

17. Your article is more current.

:hi:

[jillan]

4. I was debating whether or not to post this.

http://www.reuters.com/article/politicsNews/idUSN0644245920080806?feedType=RSS&feedName=politicsNews

It's hitting the msm.

Not good timing for a veep candidate, ya think?

[AspenRose]

8. You read my mind

Hope it doesn't sound too tinfoil hat-ish, but it sure seems like the MSM is trying to anticipate who Obama's VP is going to be and coming out with all sorts of trash (Edwards, Biden).

It also points, to me anyway, who the power brokers are scared of....

[PatSeg]

10. I'm afraid my tinfoil hat is firmly on my head as well

It all sounds so fishy, not to mention the righties need a distraction from their own scandals.

[jillan]

6. de lete

[PatSeg]

9. Yeah, I found numerous articles as well

and this relationship with Farouze is nothing new.

[PatSeg]

11. Okay guys!

Cover me. I goin' "out there" to see if anything has hit GD or GDP yet.

[PatSeg]

12. Okay its out there

"I Guess Biden Won't Be the VEEP either...."

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x6598639

[Muttocracy]

13. my reply - NY Post - 2007 case didn't stick

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=6598639&mesg_id=6599070

[Muttocracy]

14. and for the record anyone reading this thread should see all the posts over there. nt

[Muttocracy]

18. Just realized I'm mixing up the two lawsuits myself

Lotito sued the two Bidens, now Farouze is suing all three of those. :crazy:

http://www.finalternatives.com/node/5166

Senator’s Son, Brother Sued Over Hedge Fund Deal
August 7, 2008

Having family members sued for fraud is not exactly the kind of press vice presidential hopefuls dream of at this time of year. But such is the situation of Sen. Joseph Biden (D-Del.).

A Deutsche Bank executive has accused the senator’s son and brother of breach of contract and fraud over a deal to buy his stake in a New York-based hedge fund. Stephane Farouze, global head of fund derivatives at Deutsche Bank in London, claims that Biden’s son Hunter, a Washington lobbyist, and brother James, as well as their former partner, Anthony Lotito, took control of Paradigm Global Advisors without actually paying Farouze as promised for his membership interests.

The trio “never had any intention of carrying out the agreement with my client,” Farouze’s lawyer, Marlen Kruzhkov, said.

The lawsuit, filed in Manhattan state court, is actually the second leveled at the Bidens over Paradigm. Lotito sued the two for excluding him from the purchase of Paradigm in January 2007. The Bidens countersued, accusing Lotito of falsifying his certifications and finances.

Hunter Biden stepped down as interim CEO of Paradigm just before Lotito sued.

[jillan]

19. I realized that too last nite, that I was mixing the stories up.

Nothing new out there in google land today.


I'm wondering if this put a fork in Biden for vp.