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2010-01-02 Down Under
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Biden family links to Maddoff type scams in Oz
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The link to Paradigm Global was what raised my eyebrows. Paradigm is an asset manager (for funds of hedge funds) owned by Hunter Biden and James Biden. These are the Vice Presidents son and brother respectively. I have written about Paradigm extensively before as it has an unfortunate habit of being associated with scams.
The Biden connection was what prompted me to look at Absolute Alpha and hence what led me to write my Markopolos letter to ASIC and hence what rapidly led to the closure of Astarra and Trio. It is worth asking how deep that connection is.
The boys from Absolute Alpha went to New York and co-marketed with people from Paradigm. Indeed I know someone who thought that Absolute Alpha were OK because staff at Paradigm had vouched for them. Whether Paradigm knew that Shawn and Eugene in Australia were using Paradigm inspired marketing material however is unknown.
Paradigm the Bidens firm had unwittingly got involved in another funds management firm which has been closed by regulators or been exposed as Ponzis. That is four I know of now and I have yet another one that I suspect of being unsound. 
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Posted by Nimble Spemble 2010-01-02 07:40||
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Posted by ed 2010-01-02 11:16||
2010-01-02 11:16||
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