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Joe Biden’s brother and hedge fund manager accused of fraud
MCMINNVILLE, Tenn. – A federal lawsuit accuses the brother of former Vice-President Joe Biden, hedge fund manager Michael Lewitt, and others of attempting to defraud a Tennessee business.
The Knoxville News Sentinel reports that the defendants have until mid-August to respond to the lawsuit filed last month by Michael Frey and Dr. Mohannad Azzam. It says the plaintiffs founded Diverse Medical Management to reform failing rural hospitals, and Jim Biden promised to sell the health care plan to investors.
It says Biden and Lewitt then promised that $10 million was going to be invested. But the investors never materialized. It says Lewitt then threatened to sue the plaintiffs for not making payments on the borrowed cash. The defendants’ attorney, George Mesires, said he had no comment.
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An earlier version of this story incorrectly characterized the promise Biden and Lewitt allegedly made as a loan instead of an investment.
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Information from: Knoxville News Sentinel, http://www.knoxnews.com
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