An investment fund with ties to Hunter Biden received three million dollars from the federal government.
The money was provided by a top Joe Biden adviser. Biden’s firm, Rosemont, invested in a Hawaiian company called mbloom that provides investment capital for tech firms in Hawaii.
Rosemont would put up five million, and the state of Hawaii would match it.
But, three million of that money came from a federal program run by then-Deputy Assistant Secretary of the Treasury Don Graves.
At the same time, Graves was an adviser to Joe Biden on economic and domestic policy as the executive director of the president’s Council on Jobs and Competitiveness.
After the money was transferred to mbloom, Graves left his job to go to work for Joe Biden.
Schweizer writes in the book:
It is hard to find someone tighter in the Biden orbit than Graves. Over the course of his career, he has served as counselor to Vice President Biden, his domestic and economic policy director, and as his traveling chief of staff.
Graves and Biden have remained close even after Joe Biden left office. Graves has donated to Biden’s current campaign and is also working as a volunteer on the campaign.
Graves’ success in leveraging his relationship with the Biden family sharply contrasts with that of taxpayers in the state of Hawaii.
Within months of HSDC inking the mbloom deal with Hunter Biden’s firm, the fund was embroiled in scandal. Most notably, two of the companies that first received capital from mbloom were owned by individuals, Arben Kryeziu and Nick Bicanic, tasked with managing the fund.
The scandal only grew when the company owned by Bicanic went under, without ever reporting a profit, and Kryeziu fell afoul of the Securities and Exchange Commission. HSDC, which initially saw mbloom as an opportunity to diversify Hawaii’s service-centered economy, stepped in to stabilize the fund.
Those efforts proved futile, especially when Archer was indicted for defrauding a Native American tribe in May 2016. The charges against Archer stemmed in part from allegations that he and a business associate conspired to use tribal bonds under their control to drive up the stock price of Code Rebel, a technology company also owned by Kryeziu.