House Oversight Committee Chair James Comer (R-KY) raised concerns that the Biden family could be involved in racketeering, the act of operating a business with illegally derived income through money laundering.
Speaking on the Verdict with Ted Cruz podcast this week, Comer revealed the Biden family business caused six banks to flag over 170 “large” amounts of money in Suspicious Activity Reports (SARs) to the treasury for review, 20 more than previously known. SARs “often contain evidence of potential criminal activities, such as money laundering and fraud,” according to a 2020 Senate report.
Comer, who is a former bank board member of ten years, said from his experience that just two SARs would make it difficult for an average citizen to open a bank account. SARs occur very seldom, Comer explained.
“How many [SARs] were issued concerning Hunter Biden and Joe Biden, the Biden family?” Sen. Ted Cruz (R-TX) asked Comer.
“Over 170,” he replied.
“You were on a bank [board for ten years], and they issued two [SARs]?” Cruz asked.
“If you had two SARS against you, it would be hard for you to open an account somewhere,” Comer explained. “There wouldn’t be any bank that would want to have you as a customer because it’s not worth the paperwork.”
“Remember, when the bank files one of these [SARs] — you could understand this, appreciate this, senator — that’s inviting the regulators to come in and regulate [the bank]. That’s the last thing the bank [wants].”
“What triggers it?” Cruz asked. “You’re a banker. What is it that makes you say, ‘We ought to file a SAR?’”
“A large transaction that comes out of the blue,” Comer replied. “I’ll use the Robinson Walker account [for example] because that was the first bank account we subpoenaed.”
Rob Walker is a Biden associate who Comer says funneled money from China and Romania. In March, Comer obtained SARs on Walker, who received a $3 million wire transfer from CEFC China Energy Co. in 2017. In turn, four Biden family members — Hunter, James, Hallie, and an unidentified “Biden” — received a collective $1.3 million cut from the $3 million wire transfer.
“Now remember, this account never had much activity in it over the course of 10 years. [It] maintained around a $40,000 or $50,000 balance. Then one day, out of the blue, they get a $3 million wire from China,” Comer explained. “And he’d never gotten a foreign wire before … then, all of a sudden, a $3 million wire.”
Comer believes the Biden family opened more than 20 shell companies to hide payments and launder money.
“Just after 24 hours, the next day, they [the Bidens] start wiring incremental payments to different Biden shell companies,” Comer said. “When you set up a bunch of shell companies for the sole purpose to launder money, that is called racketeering.”
According to legal experts, the law defines 35 offenses that constitute racketeering, including gambling, murder, kidnapping, arson, drug dealing, and bribery. In 1987, former United States Attorney Rudolph Giuliani indicted the heads of New York City’s “Five Families” under the Racketeer Influenced and Corrupt Organizations Act (RICO). Eight of them were convicted under RICO.