Ex-Hunter Biden biz partner Devon Archer loses appeal in federal fraud case
Devon Archer, a former business partner of Hunter Biden, has lost his appeal to have his conviction and sentence overturned for his involvement in a scheme to swindle a Native American tribe out of $60 million in bonds. Archer, who was previously sentenced to one year and one day in prison, was convicted of conspiracy to commit securities fraud and securities fraud in June 2018. Federal prosecutors argued that Archer and his two co-defendants purchased the bonds, but did not use them for annuity. Instead, they used them to create a “financial services mega-company.”
Archer’s appeal was rejected by an appellate court, his lawyer has confirmed. Although Judge Ronnie Abrams granted Archer’s request for a new trial following his initial conviction, the conviction was later reinstated by a federal appeals court. Archer’s lawyer, Matthew Schwartz, said in a statement that he and his client are “disappointed” by the court’s decision, but maintained Archer’s innocence.
During Archer’s sentencing, Judge Abrams noted that he was not the leader of the scheme and did not attempt to obstruct justice like his co-defendants. She also said she was “left with an unwavering concern” that Archer was innocent of the crimes charged. John Galanis and Bevan Cooney, who were tried and convicted alongside Archer, had their convictions upheld.
Before his involvement in the fraud scheme, Archer served with Hunter Biden on the board of Burisma Holdings, a Ukraine-based energy company. However, Hunter Biden had no connection to the fraud scheme Archer was found guilty of. Archer has been allowed to remain out of prison while the appeals process took place.
FAQs:
Who is Devon Archer?
Devon Archer is a former business partner of Hunter Biden who was recently involved in a fraud scheme to swindle a Native American tribe out of $60 million in bonds.
What was Archer convicted of?
Archer was convicted of conspiracy to commit securities fraud and securities fraud in June 2018.
Did Archer obstruct justice?
No, during Archer’s sentencing, Judge Ronnie Abrams noted that he did not attempt to obstruct justice unlike his co-defendants.
What was Archer’s connection to Hunter Biden?
Before his involvement in the fraud scheme, Archer served with Hunter Biden on the board of Burisma Holdings, a Ukraine-based energy company. However, Hunter Biden had no connection to the fraud scheme Archer was found guilty of.
Has Archer been to prison yet?
Archer has been allowed to remain out of prison while the appeals process took place. However, following the recent rejection of his appeal, he could soon be headed to prison to serve his one year and one day sentence.
Devon Archer, former business partner of Hunter Biden, fails in appeal against federal fraud case ruling.
Hunter Biden’s former business partner, Devon Archer, has lost his appeal to overturn his conviction and sentence, leaving him at risk of heading to prison for his role in defrauding a Native American tribe of $60 million in bonds. His lawyer confirmed that the appeal was rejected by an appellate court. In February 2022, Archer was sentenced to one year and one day in prison by Manhattan Judge Ronnie Abrams, who noted that the crime was “too serious” for Archer to evade punishment. He was found guilty, alongside two co-defendants, of conspiracy to commit securities fraud and securities fraud in June 2018. Federal prosecutors argued that the trio used the bonds to “build a financial services mega-company” instead of using them for annuity. Archer’s 2018 conviction was granted a new trial, which was subsequently reversed by a federal appeals court. His lawyer expressed the pair’s disappointment with Wednesday’s appeals court determination but still believes that Archer is innocent and hopes that the courts will ultimately recognize his innocence. Despite his association with Hunter Biden on the board of Burisma Holdings, a Ukraine-based energy company, Hunter Biden had no connection to Archer’s fraud.