A business associate to Hunter Biden has been sentenced to jail for fraud.
According to the Justice Department (DOJ), Devon Archer was sentenced “for defrauding a Native American tribal entity and various investment advisory clients of tens of millions of dollars in connection with the issuance of bonds by the tribal entity and the subsequent sale of those bonds through fraudulent and deceptive means.”
The Daily Wire reports:
The DOJ added that evidence established at trial showed that between March 2014 and April 2016, Archer and numerous others “engaged in a fraudulent scheme that involved (a) causing the Wakpamni Lake Community Corporation (“WLCC”), a Native American tribal entity, to issue a series of bonds (the “Tribal Bonds”) through lies and misrepresentations; (b) deceptively causing clients of asset management firms controlled by Hirst, Morton, and others to purchase the Tribal Bonds, which the clients were then unable to redeem or sell because the bonds were illiquid and lacked a ready secondary market; and (c) misappropriating the proceeds resulting from those bond sales.”
Another defendant, John Galanis, convinced the WLCC to issue Tribal Bonds “through false and fraudulent representations,” according to the DOJ. Jason Galanis, John’s son, was working at the same time – with backing from Archer and others – to acquire Hughes Capital Management, a registered investment adviser. Once that was acquired, Michelle Morton and Gary Hirst were installed as CEO and CIO, respectively, and immediately “placed the entire $28 million first series of Tribal Bonds with Hughes clients but failed to disclose material facts about the Tribal Bonds, including the fact that the Tribal Bonds fell outside of the investment parameters set forth in the investment advisory contracts of certain Hughes clients,” the DOJ reported.
Hughes’ clients were not told about numerous conflicts of interest involving the Tribal Bonds, either.
Archer, his co-defendants, and their co-conspirators then misappropriated the proceeds from the first Tribal Bond Issuance. “Significant amounts” of the proceeds went to support the defendants’ business and personal interest. The DOJ singled out the Galanis’, noting that John “secretly received” $2.35 million and spent it on “personal expenses and luxury items, including cars, jewelry, and hotel expenses.” His son Jason used some of the proceeds to “finance the purchase of a $10 million luxury apartment in Tribeca, which, with Archer’s consent, he purchased in Archer’s name,” the DOJ said.
Archer was heavily involved in Hunter Biden’s shady business dealings with Ukraine-based energy company Burisma.
However, mainstream media outlets have ignored the Biden associate’s ruling, which seems to be the unspoken rule regarding the president’s son. In January, another associate to Hunter was charged with high treason in Kazakhistan, which was widely ignored by the media.