Biden’s Burisma board colleague sentenced to prison for securities fraud
Devon Archer, a close friend and former business partner of President Joe Biden’s son Hunter, was sentenced on Monday for defrauding a Native American tribe. A federal judge in New York said Archer may go to prison for a year and a day, as well as serve one year of probation and forfeit $14 million in property.
Archer gained notoriety when it emerged he introduced Hunter Biden – his partner at Rosemont Seneca – to the Ukrainian gas company Burisma back in 2014.
Both Archer and Biden sat on Burisma’s board of directors for years, reportedly being paid over $83,000 a month.
Monday’s sentence is not related to the Ukrainian gas deals, however, but the June 2018 conviction for conspiracy and securities fraud, over Archer’s role in a bond scheme to defraud an Oglala Sioux tribe to the tune of tens of millions.
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Archer and two other defendants conspired to have the Wakpamni Lake Community Corporation issue a series of tribal bonds and defrauded both the tribe and the buyers of the bonds while pocketing the profits, the court said in 2018. Archer and another defendant had used the bonds to meet capital requirements in broker deals, and used the profits to buy companies “as part of a strategy to build a financial services conglomerate,” according to the Department of Justice.
On Monday, Judge Ronnie Abrams said the crime was too serious to avoid prison time, but cut the sentence down from the 30 months requested by prosecutors, reportedly citing the Covid-19 pandemic as the reason. He also ordered a one-year probation rather than the requested three years. The US government may also seize up to $14 million in assets owned by Archer as restitution to the tribe.
Abrams also gave Archer 60 days to report to prison, but then said he would set a new surrender date pending appeal.
Archer has appealed the sentence all the way to the US Supreme Court, without success. In November 2021, it emerged that Archer had requested – and Judge Abrams had granted – permission to go on over 40 international trips since his indictment and even conviction.