In 2006, Biden and his uncle
James Biden purchased international hedge fund Paradigm Global Advisors with an $8 million promissory note (). The joint promotion of the fund by an entity of the troubled
Stanford Financial Group hastened the unwinding of the company in 2010. In September 2008, Hunter Biden founded a consultancy company named Seneca Global Advisors that offered to help companies expand into foreign markets. Biden was a partner in investment vehicles that included the name "Seneca" to denote his participation. In 2009, Biden, Devon Archer, and
Christopher Heinz founded the investment and advisory firm
Rosemont Seneca Partners. A detailed analysis of Hunter Biden's hard drive by NBC News showed that Biden and his firm were paid $11 million () from 2013 to 2018, including $3.8 million () in payments from
CEFC China Energy, a defunct
oil and gas company with links to the
Chinese Communist Party, as well as from Burisma Holdings.
BHR Partners From 2013 to 2020, Biden served as a member of the board of the China-based private equity fund
BHR Partners, of which he acquired a 10% stake in 2017 at a discount to actual value and with borrowed money. The founders of BHR Partners included Biden's Rosemont Seneca Partners investment firm (20% equity), along with US-based Thornton Group LLC (10% equity) and two asset managers registered in China. In September 2019, while President
Donald Trump was accusing Hunter Biden of malfeasance in Ukraine, he also falsely claimed that Biden "walk[ed] out of China with $1.5 billion in a fund" (). Later in 2019,
The Wall Street Journal confirmed that Trump was incorrect in claiming that Hunter received this $1.5 billion, stating that Trump had no evidence to support the claim and that he incorrectly interpreted BHR's past fundraising target of $1.5 billion; BHR invested money raised from other companies and did not keep the funds. Trump publicly called upon China to investigate Hunter Biden's business activities there while his father was vice president. Hunter Biden announced his resignation from the board of directors of BHR Partners, effective the end of October 2019, citing "the barrage of false charges" by then-U.S. President Trump. This was confirmed by Biden's attorney, who said in November 2021 that his client no longer held any direct or indirect interest in BHR. According to his lawyer, Biden had "not received any compensation for being on BHR's board of directors" nor had he received any return on his equity share in BHR. Biden's lawyer George Mesires told
The Washington Post that BHR Partners had been "capitalized from various sources with a total of 30 million RMB (
Renminbi), or about $4.2 million, not $1.5 billion". In November 2021, New York Times reported that "Chinese corporate records show Skaneateles remains a part owner of BHR". Skaneateles was dissolved in 2022. BHR Partners invests Chinese
venture capital into tech startups, such as an early-stage investment in Chinese auto hailing app
DiDi The New York Times reported that BHR Partners helped finance a coal-mining company in Australia that was controlled by a Chinese
state-owned enterprise, assisted a subsidiary of a Chinese defense company in acquiring an auto parts manufacturer in Michigan, and in 2016, facilitated the $3.8 billion () purchase of the DRC
cobalt mine. A former BHR board member told the
Times that Biden and the other American BHR founder,
Devon Archer, were not involved in the mine deal.
Burisma Holdings In April 2014, Biden joined the board of
Burisma Holdings owned by
Ukrainian oligarch and former politician
Mykola Zlochevsky, who was facing a money laundering investigation just after the
Ukrainian revolution. Biden's business partner, Devon Archer, had joined the board of Burisma several months prior. Biden was hired to help Burisma with requesting assistance from the U.S government to expand its business and
corporate governance best practices, while still an attorney with
Boies Schiller Flexner. A consulting firm in which Biden is a partner was also retained by Burisma. Christopher Heinz,
John Kerry's stepson, opposed his partners Devon Archer and Hunter Biden joining the board in 2014 due to the
reputational risk. While serving as vice president, Joe Biden joined other Western leaders in encouraging the government of Ukraine to fire the country's top prosecutor
Viktor Shokin, who was widely criticized for blocking corruption investigations. The
Ukrainian parliament voted to remove Shokin in March 2016. Biden lobbied the
U.S. State Department on behalf of Burisma to help secure a potentially lucrative energy project in Italy while his father was still Vice President. In 2016, Biden wrote a letter to the U.S. ambassador to Italy,
John R. Phillips, which Biden's lawyer described as seeking to arrange an introduction between Burisma and the then president of Italy's
Tuscany region
Ernico Rossi, the location of a potential Burisma energy project. A businessman involved in Burisma's project said that the outreach was undertaken at a time when Burisma was having difficulty securing regulatory approval for its Tuscany project. Embassy officials who handled the letter were concerned about the son of the sitting vice president reaching out on behalf of a foreign company, and Biden's request for a meeting was ultimately unmet. As President, Joe Biden released records confirming Hunter Biden's lobbying effort after dropping out of his
2024 presidential campaign, and denied being aware of it while vice president. Since early 2019, Hunter and his father Joe Biden have been the subjects of false and baseless claims of corrupt activities in a
Biden–Ukraine conspiracy theory pushed by then-U.S. president
Donald Trump and his allies. Trump and his personal lawyer
Rudy Giuliani claimed in 2019, without evidence, that Joe Biden had sought the dismissal of Shokin in order to protect his son and Burisma Holdings. Actually, it was the official policy of the United States and the
European Union to seek Shokin's removal. There has also been no evidence produced of wrongdoing by Hunter Biden in Ukraine. The Ukrainian anti-corruption investigation agency stated in September 2019 that its current investigation of Burisma was restricted solely to investigating the period from 2010 to 2012, before Hunter Biden joined Burisma in 2014. Shokin, in May 2019, claimed that he was fired because he had been actively investigating Burisma, Ukrainian and
United States State Department sources note that Shokin was fired for failing to address corruption, including within his office. In July 2019, Trump ordered the freezing of $391 million () in military aid, shortly before a telephone conversation with Ukrainian president
Volodymyr Zelenskyy in which Trump asked Zelenskyy to initiate an investigation of the Bidens. Trump falsely told Zelenskyy that "[Joe] Biden went around bragging that he stopped the prosecution" of his son; Joe Biden did not stop any prosecution, did not brag about doing so, and there is no evidence his son was ever under investigation. The
United States House of Representatives initiated a formal
impeachment inquiry on September 24, 2019, against Trump on the grounds that he may have sought to use U.S. foreign aid and the Ukrainian government to damage Joe Biden's
2020 presidential campaign. Ukrainian prosecutor general
Yuriy Lutsenko said in May 2019 that Hunter Biden had not violated Ukrainian law. After Lutsenko was replaced by
Ruslan Riaboshapka as prosecutor general, Lutsenko and Riaboshapka said in September and October 2019 respectively that they had seen no evidence of wrongdoing by Hunter Biden. During 2019 and 2020, Republican senators
Ron Johnson and
Chuck Grassley investigated Hunter Biden's involvement with Burisma, as well as
allegations that Democrats colluded with the Ukrainian government to interfere in the 2016 election. The chairman of the
Senate Intelligence Committee Republican senator
Richard Burr privately expressed concerns to the senators that their inquiries could assist efforts by Russian intelligence to spread disinformation to disrupt American domestic affairs. American intelligence officials briefed senators in late 2019 about Russian efforts to frame Ukraine for 2016 election interference. Johnson said he would release findings in spring 2020, as Democrats would be selecting their 2020 presidential nominee, but instead ramped up the investigation at Trump's urging in May 2020, after it became clear that Joe Biden would be the nominee. Trump tweeted a press report about the investigations, later stating that he would make allegations of corruption by the Bidens a central theme of his re-election campaign. The State Department revoked Telizhenko's visa in October 2020, and CNN reported the American government was considering sanctioning him as a Russian agent. CNN reported that Vladislav Davidzon, the editor of Ukrainian magazine
The Odessa Review, told CNN that in 2018 Telizhenko offered him money to lobby Republican senators in support of pro-Russian television stations in Ukraine. When Johnson released the final report on the investigation, it contained no evidence that Joe Biden had pushed for Shokin's removal in order to benefit Hunter or Burisma. In June 2020, former Ukrainian prosecutor general
Ruslan Riaboshapka stated that an audit of thousands of old case files he had ordered in October 2019 had found no wrongdoing by Hunter Biden. Riaboshapka was described by Zelenskyy as "100 percent my person" during the July 2019 call in which Trump asked him to investigate Biden. Ukrainian lawmaker
Andrii Derkach, an associate of Rudy Giuliani with links to Russian intelligence, released in May 2020 alleged snippets of recordings of Joe Biden speaking with Ukrainian president
Petro Poroshenko during the years Hunter Biden worked for Burisma. The recordings, which were not verified as authentic and appeared heavily edited, depicted Biden linking loan guarantees for Ukraine to the ouster of the country's prosecutor general. The recordings did not provide evidence to support the ongoing conspiracy theory that Biden wanted the prosecutor fired to protect his son. Poroshenko denied in June 2020 that Joe Biden ever approached him about Burisma. The
United States Department of the Treasury sanctioned Derkach in September 2020, stating he "has been an active Russian agent for over a decade, maintaining close connections with the Russian Intelligence Services". The Treasury Department added Derkach "waged a covert influence campaign centered on cultivating false and unsubstantiated narratives concerning U.S. officials in the upcoming 2020 Presidential Election" including by the release of "edited audio tapes and other unsupported information with the intent to discredit U.S. officials". Close associates of Derkach were also sanctioned by the Treasury Department in January 2021.
United States intelligence community analysis released in March 2021 found that Derkach was among proxies of Russian intelligence who promoted and
laundered misleading or unsubstantiated narratives about Biden "to US media organizations, US officials, and prominent US individuals, including some close to former President Trump and his administration". Two Republicans on a Senate investigation committee in 2020 claimed that Russian businessperson
Yelena Baturina, the wife of former Moscow mayor
Yury Luzhkov, wire-transferred $3.5 million in 2014 () to Rosemont Seneca Thornton, of which Biden had previously been a partner.
The Washington Post reported in April 2022 that the partners of Rosemont Seneca Thornton had agreed to dissolve the organization before the 2014 wire transfer, though it continued to be operated by Devin Archer to facilitate real estate transactions for eastern and central Asia investors, while Biden was uninvolved. Archer received the $3.5 million wire from Baturina to purchase property in
Brooklyn, New York. Biden's attorney denied the report, saying Biden had no financial relationship with Baturina and no stake in the partnership that received the money, nor did he co-found the partnership. However, Trump's White House spokeswoman
Alyssa Farah repeated the claim, and in a press conference Trump repeatedly asserted that Biden received millions of dollars from the former mayor's wife. ==Investigations and federal indictments==