Biden Testifies About Receiving Personal Loans from Brother Joe
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James Biden testified that in 2017 and 2018 he received two interest-free loans from his brother Joe Biden - one for $40,000 and one for $200,000 - when Joe was a private citizen.
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James said he went to Joe's friend and attorney Melvyn Monzack to ask if Joe could lend him the money, and Joe then wired James the funds through Monzack's attorney trust account.
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James paid back the first $40,000 loan in September 2017, shortly after receiving it in July. He paid back the $200,000 loan in March 2018, shortly after receiving it in January.
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James used money he earned from his work with Americore to repay the $200,000 loan, but did not tell Joe or Monzack where the repayment funds came from.
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Throughout his testimony, James maintained that Joe was never involved in his business dealings.