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Dec 19th, 2020

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Bank accused of conspiring with Florida fraudster settles with EB-5 investors

PNC bank has settled with Chinese EB-5 investors who claimed the financial institution helped developer Joseph Walsh Sr. commit fraud in a Miami hotel investment. The investors alleged the bank helped Walsh set up fake escrow accounts that allowed Walsh to transfer their capital into his personal accounts. In March of 2020, Walsh was ordered to pay $18 million in disgorgement, interest, and civil penalties for defrauding EB-5 investors in a Palm Beach hotel project.Law360 article (subscription required)

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