SENTENCED! Hunter Biden’s Burisma Board Colleague Going To Jail For Securities Fraud

SENTENCED! Hunter Biden’s Burisma Board Colleague Going To Jail For Securities Fraud

Devon Archer, a close friend and former business partner of Hunter Biden, the son of Vice President Joe Biden, was jailed on Monday for robbing a Native American tribe of more than $500,000 in fraud. Archer may be sentenced to a year and a day in jail, as well as one year of probation and the forfeiture of $14 million in property, according to a federal judge in New York City.

Back in 2014, it was revealed that Archer had introduced Hunter Biden, his business partner at Rosemont Seneca, to the Ukrainian gas company Burisma. This garnered him widespread attention.

Both Archer and Biden served on the board of directors of Burisma for several years, receiving a monthly salary of almost $83,000, according to reports.

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The sentence handed down on Monday, however, has nothing to do with the Ukrainian gas agreements, but rather with Archer’s conviction in June 2018 for conspiracy and securities fraud stemming from his role in a bond scheme that defrauded the Oglala Sioux tribe of tens of millions of dollars.

The court found that Archer and two other defendants colluded to have the Wakpamni Lake Community Corporation issue a series of tribal bonds while defrauding both the tribe and the bond buyers while pocketing the profits, according to the court’s findings in 2018.

According to the Department of Justice, Archer and another defendant used the bonds to meet capital requirements in broker transactions and then used the gains to buy companies “as part of a plot to construct a financial services conglomerate.”

In a ruling issued on Monday, Judge Ronnie Abrams stated that the offense was too significant to be avoided prison time, but he reduced the sentence from the 30 months sought by prosecutors, citing the Covid-19 pandemic as the rationale for the reduction.

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In addition, he ordered a one-year probationary period rather than the requested three-year period. As part of its repayment to the tribe, the United States government may confiscate up to $14 million in assets owned by Archer.

Abrams also granted Archer 60 days to go to prison, but he later stated that he will establish a new surrender date pending the outcome of the appeals court proceedings.

Archer has attempted to have the sentence overturned all the way to the United States Supreme Court, but has been unsuccessful. In November 2021, it was revealed that Archer had asked – and Judge Abrams had granted – permission to travel to more than 40 international destinations since his indictment and eventual conviction in 2016.

 

 

 

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