The Securities and Exchange Commission (SEC) has filed a lawsuit against a company and business deal that directly involves Joe Biden‘s younger brother, James Biden, in the Southern District of Florida.
The 12-count civil claim was filed against the company Third Friday Management and Michael Lewitt, a close associate of James Biden, stating the former engaged in “fraudulent conduct and gross breaches of fiduciary duty.”
It alleges that Lewitt misled investors between January 2018 and March 2020 after he went from investing in S&P 500 index options before “suddenly changing course” at a cost of over $19 million without notifying investors.
“Lewitt, with sole authority of the Fund, also misappropriated at least $4.7 million of investor funds for his personal use, including over $900,000 to pay a personal IRS tax lien,” further states the SEC’s complaint.
Although James Biden was not accused in the SEC filing, he and Lewitt were forced to settle a lawsuit in 2020 accusing both of “a scheme to steal” the business model of a rural healthcare operation.
The lawyer representing Lewitt and Third Friday Management, George Mesires, has also represented James and Hunter Biden in the past.