Devon Archer, Tribal Bond Fraud, New York 2024

Grimy Times has uncovered a shocking tale of deceit and corruption that has left a Native American tribal entity reeling. Devon Archer, a former associate of Hunter Biden, has been sentenced to a year and a day in prison for his role in the fraudulent issuance and sale of over $60 million in tribal bonds.

The scheme, which spanned from March 2014 to April 2016, involved Archer and his co-conspirators deceiving clients of asset management firms by selling them illiquid tribal bonds that lacked a ready secondary market. The bonds were issued by the Wakpamni Lake Community Corporation (WLCC), a Native American tribal entity, through false and fraudulent representations by John Galanis.

Archer, along with Bevan Cooney, John Galanis, Jason Galanis, Gary Hirst, Michelle Morton, Hugh Dunkerley, and others, misappropriated the proceeds from the bond sales, using them to finance their own business and personal interests. The defendants and their co-conspirators then used recycled proceeds to purchase additional issuances of tribal bonds, increasing the face amount of bonds outstanding and the amount of interest payable by the WLCC.

In a stunning revelation, Archer misrepresented the source of the money used to purchase the bonds, falsely claiming that he had obtained it through real estate sales. The bonds purchased by Archer and others were then used to meet net capital requirements at two broker dealers in which Archer and others had interests.

The WLCC was convinced to issue the tribal bonds through false and fraudulent representations by John Galanis. Archer and his co-conspirators then used the bond proceeds to finance the acquisition of companies as part of a strategy to build their business empire.

Archer’s sentence is a testament to the determination of law enforcement to hold accountable those who engage in such egregious crimes. As we continue to uncover the details of this scandal, one thing is clear: the pursuit of justice will not be swayed by the power and influence of those involved.

Grimy Times will continue to provide updates on this developing story as more information becomes available. In the meantime, we urge readers to remain vigilant and to report any suspicious activity to the authorities.

Related Federal Cases