Part II of a series
| Part I
WAKPAMNI LAKE – The Wakpamni Lake Community Corporation
bond scheme that defrauded unwitting investors of more than $60 million, attracted the attention of the Wall Street Journal, because of a high profile name connected to it, Hunter Biden.
The bond offerings by the Wakpamni Lake Community Corporation, promised millions in relief to one of the most impoverished areas in the nation, with little or no economic development opportunities. However the old adage, “If it seems too good to be true, then it probably is” turned out to be true in this case.
According to the U.S. Attorney’s office, in May 2016, seven people connected to the WLCC case were indicted then arrested for securities fraud and conspiracy to commit securities fraud
: Jason Galanis, Hugh Dunkerley, Gary Hirst, John Galanis, a/k/a “Yanni,” Bevan Cooney, Devon Archer and Michelle Morton.
Wakpamni Lake Community Corporation: Veterans
powwow at the William “Bill' Conquering Bear Gymnasium in November 2019.
The indictment reads, “From March 2014 through April 2016, JOHN GALANIS, ARCHER, and COONEY, along with their co-conspirators Jason Galanis, Hugh Dunkerley, Gary Hirst, and Michelle Morton, engaged in a fraudulent scheme that involved (a) causing the Wakpamni Lake Community Corporation (“WLCC”), a Native American tribal entity, to issue a series of bonds (the “Tribal Bonds”) through lies and misrepresentations; (b) deceptively causing clients of asset management firms controlled by Morton and others to purchase the Tribal Bonds, which the clients were then unable to redeem or sell because the bonds were illiquid and lacked a ready secondary market; and (c) misappropriating the proceeds resulting from those bond sales.”
All of the defendants have been tried and sentenced for varying degrees of securities fraud and conspiracy to commit securities fraud.
However during Devon Archer’s trial in June of 2018, an old Yale classmate of Archer’s was repeatedly implicated in the scheme. According to court transcripts Archer was a longtime business partner of Hunter Biden and the pair were connected to an “to an opaque investment company, called Rosemont Seneca Bohai, LLC, which on information and belief, was affiliated with Rosemont Seneca Partners, LLP, an investment company run by Archer's friend and former college roommate, Hunter Biden.”
Rosemont was started by Archer, Joe Biden’s son, Hunter Biden, and the heir to the Heinz ketchup empire, Christopher Heinz.
According to prosecutors at Archer’s trial, Archer and Biden were also connected to the Burnham Financial Group, “where his business partner Devon Archer — sat on the board of directors.” Biden was listed as the vice-president.
Although Burnham was not named in any court proceedings, they were the alleged placement agent for the Wakpamni Lake Community Corporation tribal bond offerings.
Burnham shut down shortly after a complaint was filed with the Securities Exchange Commission and is no longer licensed.
Contact Ernestine Chasing Hawk at firstname.lastname@example.org
Copyright permission Native Sun News Today
The Greenberg Traurig law firm has
issued a statement in connection with the lawsuit. It follows:
"The fraud perpetuated against WLCC was a tragedy for
all. WLCC was a victim of the fraud and its attorneys did not assist the fraud
in any way. That is shown by the fact that neither WLCC or its attorneys were
charged in the criminal proceedings against the wrong doers who have pleaded
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