Manhattan Judge Ronnie Abrams sentenced Devon Archer, a former business partner of Hunter Biden, to a year and a day in federal prison Monday after Archer attempted to defraud the Oglala Sioux tribe.
Devon Archer, Hunter Biden’s ex-business partner/best friend, was just sentenced in NY District Court to 1 year, 1 day in jail plus 1 year parole and $15m forfeiture for defrauding a Native American tribe. Only a presidential pardon will save him.
— Miranda Devine (@mirandadevine) February 28, 2022
Archer was convicted for conspiring to defraud the Oglala Sioux tribe for nearly $60 million, according to court documents. The documents show Archer and his co-conspirators reached out to the Ogala Sioux Tribe’s Wakpamni Lake Community Corporation, offering an investment opportunity for the corporation through the issuing of tax-free bonds.
The conspirators convinced the Wakpamni that the annuity income would cover the bonds’ interest payments and “tribal economic development projects,” according to court documents. The Wakpmani agreed and began issuing millions of dollars worth of bonds throughout 2014 and 2015, the documents show. (RELATED: White House Confirms That Hunter Biden Will Divest From Chinese Private Equity Firm)
Rather than using the annuity money as agreed, the conspirators began using the income for “personal purposes,” including “personal business ventures,” “buying jewelry,” and “a new home,” according to the documents. Conspirators also used asset-management companies “to buy Wakpamni bonds on behalf of the companies’ clients—without the clients’ knowledge or permission, without informing the clients of the conflicts of interest that riddled the transactions, and in violation of the clients’ investment agreements,” the documents show.
By the time the conspiracy was concluded, the “Wakpamni were left with approximately $60 million of debt” and investors took “more than $40 million of losses,” according to the documents.
In addition to the prison sentence, Archer was ordered to pay $15 million in restitution himself, according to Fox News. Archer and the other co-defendants will have to pay an additional $43 million, the outlet reported.
Following the sentencing, Archer’s attorney Matthew Schwartz said that “Archer intends to appeal,” according to Fox News. Schwartz has consistently vouched for Archer’s innocence throughout the ordeal, and that he was also a victim of the “influence” of corruption.
Archer and Hunter Biden were both members of the board of Burisma Holdings, a Ukrainian energy company, according to Fox News. Hunter Biden was not involved with the defrauding of the Wakpamni, the outlet reported.