Hunter Biden’s business partner was sentenced to prison for fraud; meanwhile, the mainstream networks have entirely ignored the story.
One must recall how the corporate media reported former President Trump’s campaign supervisor Paul Manafort and top aide Robert Stone’s arrests for non-Trump-related crimes.
Devon Archer, Hunter Biden’s ex-business partner/best friend, was just sentenced in NY District Court to 1 year, 1 day in jail plus 1 year parole and $15m forfeiture for defrauding a Native American tribe. Only a presidential pardon will save him.
— Miranda Devine (@mirandadevine) February 28, 2022
The Degree of the Scam
The Department of Justice (DOJ) stated in a press release issued Monday Archer was sentenced for fleecing a Native American tribal institution and various asset advisory customers.
He did this to the tune of tens of millions of dollars in connection with the tribal institution’s issuing of bonds and resale of those bonds via fraudulent and deceptive means.
The DOJ incorporated between March 2014 and April 2016, Archer and multiple others “engaged in a fraud scheme involving (a) misleadingly causing the Wakpamni Lake Community Corporation (“WLCC”), a Native American tribal institution.
This was done to submit a series of bonds (the “Tribal Bonds”) via lies and distortions, and (b) deceivingly cause customers of asset management firms managed by Hirst, Morton, and others to buy the Tribal Bonds.”
Hunter Biden's best friend sentenced to prison for role in fraud scheme https://t.co/b23u1R1wBB pic.twitter.com/THy2Rgw1Vs
— New York Post (@nypost) February 28, 2022
According to the DOJ, another defendant, John Galanis, encouraged the WLCC to issue Tribal Bonds “via false and fraudulent statements.”
Simultaneously, Jason Galanis, John’s son, attempted to purchase Hughes Capital Management, a licensed investment manager, with support from Archer and others.
Michelle Morton and Gary Hirst were appointed CEO and CIO, respectively. They “put the whole $28 million first sequence of Tribal Bonds with Hughes customers.”
However, they also refused to mention relevant facts about the Tribal Bonds, such as the fact the Tribal Bonds exceeded the asset parameters set forward by certain Hughes clients’ asset advisory contracts, the DOJ reported.
Hughes’ clients were also not informed of the significant conflicts of interest associated with the Tribal Bonds.
Sentencing and Punishment
The profits from the first Tribal Bond Issuance were subsequently misappropriated by Archer, his co-defendants, and their co-conspirators. The money was used to support the defendants’ commercial and personal interests.
The DOJ singled out the Galanis, stating John “secretly obtained” $2.35 million and used it for “personal spending and luxury things, such as automobiles, jewelry, and hotel expenses.”
The DOJ stated his son Jason used some of the money to “support the acquisition of a $10 million luxury apartment in Tribeca, which he purchased in Archer’s name with Archer’s consent.”
Along with his prison sentence, Archer was sentenced to one year of supervised release and forced to forfeit $15,700,513 to pay $43,427,436 in restitution.
Archer had a significant role in Hunter Biden’s dubious business transactions with Ukraine’s Burisma oil company. As Newsbusters noted, ABC, CBS, and NBC disregarded Archer’s punishment.
This is not the first instance the networks have turned a blind eye when one of Hunter Biden’s buddies has encountered legal difficulties.
However, this is most likely not the attitude the media would have if the report concerned a business associate of one of ex-President Trump’s adult children.