In exchange for a $5 million investment into Hunter Biden’s financial advisory firm, he promised a Chinese company access to Washington, D.C. influencers, according to a recent court filing.
The Washington Free Beacon reports that a court filing made by John Galanis, who is serving a 10-year prison sentence for defrauding investors, states that Biden used his family’s political standing to obtain the investment for Burnham Asset Management.
Galanis claims the former vice president’s son conducted a "pay-to-play influence peddling operation" to keep his investment advisory firm Burnham Financial operating.
The outlet reports that the company’s independent trustees told Biden’s longtime business partner Devon Archer that they had “very grave concerns” about the “solvency of Burnham.” According to minutes from an October 2015 board meeting that were included in different court records, the trustees were contemplating switching the funds to a different adviser.
In the court filing, Galanis states that Biden and Archer worked to find $15 million for their financial advisory company from the Chinese investment fund Harvest Fund Management in 2015. According to the affidavit, the company agreed to invest $5 million after Biden contacted the firm’s chairman and explained the contribution would be important to the Biden family.
The board minutes also show that Archer told trustees he had a "relationship with various persons and entities based in the People's Republic of China," including Zhao, "and it was hoped that Harvest or its various affiliated parties would contribute $5 million.”
According to the affidavit, Galanis said his son, Jason Galanis, provided him with information on Biden’s China deal after he befriended Archer. Archer was implicated in the tribal bond scheme involving the Galanis father and son, but a judge overturned his conviction. Biden was never accused of any wrongdoing.
"To induce Chinese, Biden sends email to Henry Zhao, Chairman/founder of Harvest," Galanis said. "[Biden] says investment would be important to his family. Chinese agree to $5 million investment in Burnham Asset Management alone."
According to a copy of the presentation that Biden and Archer gave to woo Harvest, the package included "Washington, D.C., access" for investors. Biden was listed in the presentation as the vice chairman of Burnham & Co. and the CEO of Burnham Advisors, according to the Free Beacon.
During a follow up meeting, Archer updated Burnham’s independent trustees that Harvest agreed to pay "$4 or $5 million" adding that the "Chinese principal of the firm … viewed this as a strategic investment."
Corporate records show that Biden holds a 10% stake in an investment firm co-owned by Harvest and the Bank of China. Biden’s business dealings in China have been under scrutiny.
"Hunter Biden's China endeavors are an unacceptable mystery to this day, considering his father, presidential nominee Joe Biden, has made foreign influence a key issue in this election," National Legal and Policy Center’s Tom Anderson told the Free Beacon. "Biden should take his own advice and bring sunlight to the Hunter/China problem, thereby allowing voters to know exactly how much money Hunter raised over there and to whom the proceeds flowed."
According to the Free Beacon, John Galanis has been convicted in several white-collar fraud cases dating back to the 1970s. He spent over 10 years in prison for defrauding investors out of $115 million in 1987. He and his son Jason pleaded guilty in an unrelated charge of stock manipulation fraud in 2017.