Devon Archer, the business partner of Hunter Biden, on Monday was sentenced to more than a year in prison for scheming to defraud a Native American tribe of $60 million in bonds.
Archer was charged for using the amount to build a financial services mega-company instead of holding the bonds for annuity.
Archer “was also ordered to forfeit $15,700,513 and to make restitution in the amount of $43,427,436,” the order released by the US department of justice said.
The US president Joe Biden’s son Hunter Biden and Devon Archer also served together on the board of the Ukrainian energy company Burisma Holdings.
Hunter Biden was not connected in any manner to the scheme for which Jason Archer was convicted.
Archer maintained his innocence and will appeal the conviction and sentence, his attorney Matthew Schwartz said, according to news agency the New York Post. He also alleged that corrupt businessmen who wanted to use him in the scheme took advantage of him.
Manhattan judge Ronnie Abrams sentenced Archer to a year and a day in federal prison.
“He came under the influence of a person he trusted too much and didn’t ask enough questions,” his lawyer further added, according to Fox News.
“It is unfortunate the judge, who has previously expressed concern that Mr. Archer is innocent of the crimes charged and reiterated that belief today, felt that she was constrained not to act on her independent assessment of the evidence,” Matthew Schwartz was quoted as saying by Fox News.
Archer said that he felt deep remorse for the victims of his crime. The Oglala Sioux tribe is one of the poorest in the United States, according to a separate report by the New York Post.
“There’s no dispute about the harm caused to real people,’ Manhattan judge Ronnie Abrams said and also pointed out that the defrauded tribe was economically disadvantaged.
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