U.S. President-elect Donald Trump accused Joe Biden, who is set to leave office, of misappropriating billions of dollars in American taxpayer money allocated to Ukraine. On his 'Truth Social' platform, Trump shared what he described as a money laundering scheme, referring to it as 'Bidenomics' and emphasizing that such practices have been a longstanding feature of the Biden administration's economic policies.
The infographic detailing the Biden family's Ukraine corruption scheme is divided into five phases:
1. Americans pay taxes, which go into the state coffers.
2. A significant portion of these funds is allocated to Ukraine by the Biden administration and immediately distributed.
3. Once the funds reach Ukraine’s accounts, they are routed to Hunter Biden, who is represented in business conglomerates based in Kyiv.
4. Hunter Biden channels those funds into various sectors such as energy and communications, with a portion returned to the administration in Washington as “kickbacks” (i.e., bribes).
5. Despite Hunter Biden being officially sentenced by the justice system for economic crimes and his central role in these operations, which are part of a larger money laundering scheme, the American President pardons his son, effectively legitimizing the operation.
Biden’s alleged criminal scheme primarily covers the period before the Russia-Ukraine war of 2022. However, the existence of similar money laundering scenarios after 2022 cannot be ruled out. We will discuss this later.
Money Laundering, Biden-Style, Before 2022
Let’s focus on how Hunter Biden ended up in Ukraine in the first place, and how he diverted American taxpayer money through banking and financial structures in Kyiv to serve the interests of political oligarchs.
While serving as Vice President, Joe Biden, alongside his son Hunter, helped establish an energy business in Ukraine. Following the 2014 coup, when political power in the country shifted to pro-Western opposition forces, the Biden family saw this as the beginning of a 'golden era.’ Using his political leverage, the U.S. Vice President placed his son in a prominent position at Ukraine’s second-largest energy distribution company, Burisma Holdings.
Established in 2002 by Ukraine’s former Minister for Ecology and Natural Resources, Nikolay Zlochevsky, the company quickly became Eastern Europe’s largest gas supplier, attracting representatives of the global political mafia.
Along with Hunter Biden, the former CIA chief was also involved as an 'oversight' figure. At the time, the former president of Poland Aleksander Kwasniewski also secured a seat on the Board of Directors of the holding.
With his annual salary of $600,000 and a seat on the Board of Directors, Hunter Biden begins to serve as a facilitator of his father’s directives.
Eventually, having become a prominent political, economic, and financial entity in Europe and America, Burisma would serve less as a gas supplier and more as a tool for political corruption. These covered-up crimes were discovered too late, yet some of those involved in the criminal schemes were held accountable. One of those who emerged unscathed was none other than Hunter Biden, who was hired by the company thanks to his last name. First, the then U.S. Vice President Joe Biden made sure that Ukraine’s Prosecutor General, Viktor Shokin, who was investigating the criminal case and seeking Hunter Biden’s testimony, was dismissed.
Although the Vice President was successful in pressuring Kyiv and ousting the prosecutor general, as time passed, the details of Hunter Biden’s activities in Kyiv became available both to the investigation and the public. Thus, Biden's financial schemes and controversial dealings in Ukraine began to emerge.
In 2023, Senator Chuck Grassley released the FBI-generated record, an FD- 1023, citing trusted FBI informant, that contained the extensive details of the crime.
It was not limited to Burisma Holdings, as entities that were often created and later dissolved for the purpose of funneling part of U.S. funding back to Washington played a significant role in various sectors in Ukraine.
According to a 2020 study by the Kyiv International Sociology Institute, new anti-corruption bodies were established in Ukraine between 2015 and 2019 with U.S. assistance and funding, while the Biden family itself was among those implicated in fostering corruption.
New anti-corruption entities were established in Ukraine between 2015 and 2019, including the National Anti-Corruption Bureau, the Specialized Anti-Corruption Prosecutor's Office, the National Agency on Corruption Prevention, the High Anti-Corruption Court, the State Bureau of Investigation, and the Financial Investigation Service. However, their effectiveness has been virtually nonexistent.
Renowned representatives of legal and social establishment in the U.S. believe that Biden’s son presence in Ukraine pursued political motives disguised as assistance to this country. The ‘Washington Post’ described it as nepotistic and nefarious.
As stated in the House Oversight and Accountability Committee hearing, an investigation into the Biden family's domestic and international practices revealed that Biden and his associates received $20 million from foreign actors through various forms of pressure and political persecution.
According to BBC, Hunter Biden agreed to help a Romanian businessman Gabriel Popoviciu, for which him and his associates received over $3 million. “In autumn of 2015, Mr. Biden “entered into a verbal agreement” to help a Romanian businessperson… to contest bribery charges he was facing in his home country”. For this work, he and two other business associates split a payment of over $3.1 million.
In 2017, China’s ‘State Energy HK Limited’ transferred $3 million to the Biden family.
Kazakhstani oligarch Kenes Rakishev used his Singaporean entity ‘Novatus Holdings’ to wire one of Hunter Biden’s ‘Rosemont Seneca’ entities $ 142,300.
One of Russia's wealthiest business figures, Yelena Baturina, also transferred $3.5 million to a 'Rosemont Seneca' entity. Additionally, there are reports of other transfers through Burisma.
Below are the screenshots of a small part of the transfers:
Yet, there is more. The geography of these crimes extends beyond Ukraine. According to evidence uncovered by 'America First Legal,' which reveals staggering corruption, 1,340 emails sent or received by the Vice President's Office between April 2009 and February 2014 contain references to 'Seneca Global Advisors' and 'Rosemont Seneca,' revealing a trail of tax crimes and a labyrinth of corruption. The Biden family also benefitted from schemes in Ukraine through their dealings with companies from China, Africa, and Central Asia.
The House Oversight and Accountability Committee investigated the Biden family’s business dealings, finding that from 2014 to the present, Biden family members and their associates received more than $27 million from foreign individuals or entities. The committee claimed that the family set up shell companies to conceal the payments from scrutiny.
Committee Chairman James Comer told Fox News Digital, ‘We exposed Joe Biden’s corruption at the highest levels of government as he actively participated in his family’s influence peddling racket that made the Bidens millions from Chinese, Russian and other foreign entities.’
The U.S. Department of Justice filed multiple indictments against Hunter Biden for economic and other crimes. According to the indictment, Hunter “engaged in a four-year scheme to not pay at least $1.4 million in self-assessed federal taxes he owed for tax years 2016 through 2019.”
The indictment outlined how Hunter Biden reaped a "substantial income" amounting to more than $7m between 2016-20, without paying taxes. That included $2.3 in 2017 ($1.6 million from Chinese source, $500,000 from Ukrainian energy company and $70,000 from Romanian business), and $2.1 million in 2018. This also includes $1.2 million from a mystery friend.
The nine charges include tax evasion, false tax filing and tax fraud.
Even with all the evidence against him produced by the prosecution, including charges related to smuggling guns and drugs, President Biden chose to pardon his son, Hunter, thereby undermining the legal and justice system in the U.S.
This decision was widely regarded as an affront to the U.S. legal system, a blatant interference in the functions of prosecutorial and judicial bodies, and a stark violation of the rule of law in the United States.
There is also abundant evidence of Hunter Biden spending money on prostitutes and drugs. For example, between 2016 and 2019, Hunter Biden spent $188,960 on “adult entertainment” and $71,869 on “rehab.” It requires no expert to deduce where the funds for 'rehab' were directed, especially considering the president’s son’s struggle with drug addiction.
According to investigation documents, he also spent $683,212 on a category named “payments – various women.”
In our upcoming release, we will present a report on 'Biden's Subsequent Economic Crimes, Post-2022.’
