EB-5 Investors agree to drop lawsuit against former bank employee in exchange for evidence against other defendants in Miami Beach hotel fraud case

  • Written by GCBI Team Posted on April 16, 2021 | Updated on April 16, 2021 | 1 min read

Chinese investors lost both their money and their chances for Green Cards in a Miami Beach hotel fraud perpetrated by developer Joseph Walsh Sr.; the investor capital went into a fake escrow account and was then misappropriated by Walsh. The investors agree to allow a former PNC bank employee, who was the chief financial officer of the account, to be absolved of all liability in exchange for key documents the investors want in their case against Walsh and others.

Law360 article (subscription required)