Joe Biden’s brother, hedge fund manager accused of fraud in Tennessee
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 urged the plaintiffs to borrow $10 million from Lewitt that would be repaid by investors. 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.