Let's talk

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

EB-5 News


Feb 27th, 2021



You have to be registered to leave a comment

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.

Sign up for our EB-5 Weekly newsletter