Four major U.S. banks and one individual have been subpoenaed for financial records belonging to the Biden family, the House Oversight Committee confirmed Friday afternoon.
The revelation provides an insight into the path House Oversight Committee Chair James Comer (R-KY) is taking to investigate the Biden family for nine violations, including money laundering and wire fraud. His investigation has encompassed issuing subpoenas and requesting interviews from Biden business associates and interviewing whistleblowers.
The Bank of America, Cathay Bank, JPMorgan Chase, and HSBC USA N.A. are the banks Comer has compelled for information, Fox News confirmed. In addition, Mervyn Yan, a former Biden business associate, was also subpoenaed.
Yan was a CEFC China Energy Co. official who was involved in the $1 million retainer Hunter Biden received representing a CEFC official as an attorney. CEFC also negotiated with the Bidens on a joint venture in which the “Big Guy” would receive a ten percent equity stake.
In March 2018, James Biden demanded the legal services payment and provided CEFC “wiring instructions” to transfer the funds to Hudson West III LLC, an entity James and Hunter controlled.
“Received and will take care of this ASAP,” Yan replied back. The next day, the wire transfer when through. According to Sen. Chuck Grassley’s (R-IA) 2020 report, Cathay Bank received the funds from HSBC USA N.A.
But Yan began to suspect Hunter was not being forthright about Hunter’s additional business expenses and asked for receipts. Hunter then threatened Yan with a lawsuit for not paying. In November of 2018, “Yan signed a document on Nov. 2, 2018, dissolving Hudson West III LLC,” the Washington Post reported.
Yan, with specific financial information on the Biden family, appears to be a prime target for Comer’s probe.
Comer’s probe has been making progress. In March, news broke that Comer has subpoenaed Bank of America, demanding “all financial records” on three Biden family business associates involved in the CEFC China Energy Co. deal, covering a period of 14 years beginning in 2009.
While Comer has compelled the Bank of America to comply with his request, he has also gained access to Suspicious Activity Reports (SARs) from the U.S. Treasury after months of effort. According to a 2020 Senate report, SARs “often contain evidence of potential criminal activities, such as money laundering and fraud.” Comer has stated that 13 banks were involved in the suspicious activity reports:
Bank of China
Bank of New York Mellon
Brown Brothers Harriman & Co.
First National Bank of Omaha
JP Morgan Chase
Bank of America
From the SARs, the committee revealed in March the Biden family received a collective $1.3 million cut in 2017 from a Biden family business associate, who was sent a $3 million wire transfer from CEFC. Hunter has confirmed the $1.3 million China payout, while Joe Biden falsely denied it.
“That’s not true,” Joe Biden told reporters.