Florida bank settles with second group of EB-5 investors who claim the bank enabled fraudster to steal their money

  • Written by GCBI Team Posted on February 25, 2021 | Updated on February 26, 2021 | 1 min read

PNC Bank has settled with Chinese and Iranian investors who claim the bank set up a fake escrow account that allowed Florida developer Joseph Walsh Sr. to transfer their investment capital into his personal account. Walsh apparently used the money to fund personal expenses, like a $6 million yacht. In late 2020, PNC Bank settled with a different group of EB-5 investors who made a similar claim against both Walsh Sr. and the bank.

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