Updated February 24, 2009

Report: Biden's Son, Brother Marketed Hedge Fund Through Stanford Company

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FOXNews.com

Vice President Joe Biden's brother and son ran a fund of hedge funds marketed by companies controlled by disgraced Texas billionaire R. Allen Stanford, according to a report published in the Wall Street Journal.

Vice President Joe Biden's brother and son ran a fund of hedge funds marketed by companies controlled by disgraced Texas billionaire R. Allen Stanford, who faces massive fraud accusations, the Wall Street Journal reports.

The $50 million fund was jointly branded between the Biden family's Paradigm Global Advisors LLC and a Stanford Financial Group entity and was called the Paradigm Stanford Capital Management Core Alternative Fund, according to the report published Monday in the Wall Street Journal.

Stanford-related companies reportedly marketed the fund to investors and also invested about $2.7 million of their own money in the fund, according to a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James.

Stanford has been accused in a Securities and Exchange Commission civil lawsuit for his part in an $8 billion fraud. He was served with legal papers by FBI agents last week but has not been charged with any crime.

Click here to read more on this story from the Wall Street Journal.

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