Doing Your Partnership Due Diligence
By Nina Kaufman, Esq.Well, it seems that even the powerful get duped in their dealings. From the Washington Post, comes the story of Hunter and James Biden, sons of Sen. Joseph R. Biden Jr. (D-Del.), who are suing a former business partner for fraud, claiming he lied about his professional credentials and finances. One of the claims is that the partner, Anthony Lotito Jr., falsely claimed he held securities licenses in order to lure the Biden brothers as partners in a $21.3 million acquisition of a hedge fund investment.
Many business owners don’t check carefully into their partners’ backgrounds before making the partnership leap. But you’d have thought that with that kind of money at stake, they’d have looked into it a little more carefully . . . ?
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