REAL TALK

FINANCIAL NEWS POLITICS

SEC Files Lawsuit Against Company Tied to James Biden in Alleged $30 Million Fund Scandal

ByAlki David

Oct 8, 2023

The Securities and Exchange Commission (SEC) recently took a bold step, filing a lawsuit against Third Friday Management and a close associate of James Biden, Michael Lewitt. This legal action, unveiled last week in the Southern District of Florida, alleges serious financial misconduct and fiduciary breaches.

According to the Commission, Lewitt, entrusted with the fund, engaged in “fraudulent conduct and gross breaches of fiduciary duty,” concealing a substantial $30 million diversion into companies dealing with distressed healthcare—enterprises that eventually faced bankruptcy.

In a shocking revelation, the SEC accused Lewitt of further misappropriating a staggering $4.7 million from investor funds for personal use, which notably included over $900,000 to settle a personal IRS tax lien. The severity of these allegations raises concerns about transparency and financial stewardship within Third Friday Management.

The ramifications extend beyond the SEC lawsuit, as one of the companies linked to Lewitt pursues legal recourse. This separate lawsuit targets Lewitt, James Biden, and others, asserting fraudulent activities against Diverse Medical Management, a hospital corporation.

Lewitt and Biden responded to these claims through a counterclaim, asserting that they did provide short-term funding to Diverse Medical Management. However, they emphatically stated that they did not receive proper financial due diligence.

As the legal drama unfolds, Lewitt is slated to appear in court in 21 days, facing the consequences of these grave allegations. The interconnected web of financial impropriety and legal battles surrounding Third Friday Management and James Biden paints a complex picture of the intertwining worlds of finance and politics.

In the coming weeks, the courtroom proceedings will likely shed light on the intricacies of these allegations, providing a clearer understanding of the SEC’s case against Third Friday Management and its connection to President Joe Biden’s brother, James Biden.

By Alki David

Alki David — Publisher, Media Architect, SIN Network Creator - live, direct-to-public communication, media infrastructure, accountability journalism, and independent distribution. Born in Lagos, Nigeria; educated in the United Kingdom and Switzerland; attended the Royal College of Art. Early internet broadcaster — participated in real-time public coverage during the 1997 Mars landing era using experimental online transmission from Beverly Hills. Founder of FilmOn, one of the earliest global internet television networks offering live and on-demand broadcasting outside legacy gatekeepers. Publisher of SHOCKYA — reporting since 2010 on systemic corruption inside the entertainment business and its expansion into law, finance, and regulation. Creator of the SIN Network (ShockYA Integrated Network), a federated media and civic-information infrastructure spanning investigative journalism, live TV, documentary, and court-record reporting. Lived and worked for over 40 years inside global media hubs including Malibu, Beverly Hills, London, Hong Kong and Gstaad. Early encounter with Julian Assange during the first Hologram USA operations proved a formative turning point — exposing the realities of lawfare, information suppression, and concentrated media power. Principal complainant and driving force behind what court filings describe as the largest consolidated media–legal accountability action on record, now before the Eastern Caribbean Supreme Court. Relocated to Antigua & Barbuda and entered sustained legal, civic, and informational confrontation over media power, safeguarding, and accountability at Commonwealth scale.