Devon Archer owes nearly $44 million.
QUICK FACTS:
- Due to former Hunter Biden business partner Devon Archer’s failure to pay the nearly $44 million he owes for securities fraud against a Native American tribe, federal prosecutors have requested that writs of garnishment be given to companies holding Archer’s assets.
- The companies to be garnished include a trust company and a life insurance company.
- On February 28, 2022, the court entered a judgment against Archer amounting to $43,427,436 in restitution and over $15 million in forfeiture.
- “Archer became a key player in the scheme, anticipating that, when the scheme succeeded, he would helm the resulting conglomerate and, ultimately, reap massive profits from its sale,” according to Archer’s sentencing from 2022.
- As of April 5, 2023, Archer contributed nothing toward his judgment.
DETAILS OF THE APPLICATION FOR WRIT OF GARNISHMENT:
- “As of April 5, 2023, Archer has paid nothing toward the judgment and the outstanding restitution balance. More than 30 days has elapsed since demand for payment of the debt was made, yet the balance has not been paid. Archer has neither sought nor obtained a stay of the restitution owed to the victims of his crimes,” wrote Attorney Damian Williams and Assistant US Attorney Melissa A. Childs.
- “To enforce the judgment, the Government requests that writs of garnishment be issued for service upon the garnishees,” the document continues.
- “The Government believes the garnishees to be in possession, custody, or control of substantial nonexempt property belonging to or due Archer, including but not limited to nonexempt retirement funds, brokerage accounts, and life insurance,” the application states, referring to Midland IRA, Inc. & Midland Trust Company and Guardian Life Insurance Company of America.
BACKGROUND:
- In 2014, Archer was involved with Hunter Biden on the board of Burisma, a Ukraine-based energy firm, and later resigned in 2016.
- Hunter Biden reportedly worked closely with Archer’s company, Burnham Financial Group, which perpetrated the fraud scheme against the Native American tribe between 2014-2016, American Faith reported.
- Biden’s lawyer George Mesires claimed, “As soon as Hunter learned of the illegal conduct, and that his name was being used in this unauthorized and inappropriate manner, Hunter took immediate steps to ensure that his business interests would not be associated with the Burnham Group or with any of the defendants.”
