Two members of Vice President Joe Biden's family own the company that oversees an investment fund linked to Texas financier R. Allen Stanford.
Stanford is accused by the Securities and Exchange Commission of engaging in an $8 billion fraud.
On Tuesday, the attorney for a son of the vice president, Hunter Biden, and for one of the vice president's brothers, James, said that the business arrangements began in June 2007 and ended one week ago.
A fund of hedge funds controlled by the Bidens was marketed by companies controlled by Stanford. Stanford-related companies also invested $2.7 million from individual investors under the arrangement.
The Bidens' lawyer, Marc LoPresti, said the $2.7 million has been set aside and made available to the receiver of Stanford's enterprises.
LoPresti also said that "it's entirely accurate" that no member of the Biden family has had any contact with anyone from the Stanford company.
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