Jinhong Wang, Zuoyang Wang, Jianfa Xie, Pingning Guo, Tao Zhang, Ye Tian, Lie Lin, Xia Cao, Lin Ma, Tong Wang, Pengxiang Ni, Chunyan Xu, Rui Wang, yi Liu, Yuesheng Qin, jianfeng Huang vs The Bancorp Bank

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PlaintiffsDefendants

Jinhong Wang, Zuoyang Wang, Jianfa Xie, Pingning Guo, Tao Zhang, Ye Tian, Lie Lin, Xia Cao, Lin Ma, Tong Wang, Pengxiang Ni, Chunyan Xu, Rui Wang, yi Liu, Yuesheng Qin, jianfeng Huang

vs.

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The Bancorp Bank

Las Olas Mezzanine Borrower LLC, Ray Parello, Ken Bernstein, Jack Kessler, Eugene Kessler and Las Olas Ocean Resort Partners LP

Filing Date:February 07, 2019

Case:The Bancorp Bank v. Chinese investors

Jurisdiction:Court of Appeals for the Eleventh Circuit

Status:Pending

Civil / Criminal:Civil

Cause(s) of Action:

Due process violations

Fraud

Malpractice

Misrepresentation

Securities Violations

Related to:

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The Bancorp Bank

vs.

550 Seabreeze Development LLC and JAWOF 515 Seabreeze, LLC

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Chinese investors

Jinhong Wang, Zuoyang Wang, Jianfa Xie, Pingning Guo, Tao Zhang, Ye Tian, Lie Lin, Xia Cao, Lin Ma, Tong Wang, Pengxiang Ni, Chunyan Xu, Rui Wang, yi Liu, Yuesheng Qin, jianfeng Huang

vs.

Preview ban
The Bancorp Bank

Las Olas Mezzanine Borrower LLC, Ray Parello, Ken Bernstein, Jack Kessler, Eugene Kessler and Ocean Hotel Lender LLC

Description:

Foreign investors who claim they were duped into putting $12 million into a Fort Lauderdale hotel project in exchange for green cards again are suing to reclaim their funds, this time in state court with a Buchanan, Ingersoll & Rooney shareholder as a defendant.

The EB-5 investment visa fraud case centers on the Las Olas Ocean Resort, which was planned as a 139-unit resort steps from the ocean at 550 Seabreeze Blvd. It wasn’t finished on time and has been mired in litigation, including an alleged loan default, bankruptcy proceedings and the visa fraud accusation.

The property is poised for a fresh start with Magna Hospitality Group. The Warwick, Rhode Island-based owner and operator of 20 hotels bought the property for $39.1 million in a stalking-horse bankruptcy auction last August.

The project developer is 550 Seabreeze Development LLC, which isn’t named in the lawsuit.

Defendants in the state case include Jack Kessler, Eugene Kessler and Ken Bernstein, alleged principals in the development company. They allegedly created companies that aided the EB-5 scheme.

Defendant Las Olas Mezzanine Borrower LLC held the investors’ funds.

The original lawsuit filed by 21 investors in the federal bankruptcy case was dismissed Dec. 27 by U.S. Bankruptcy Judge Raymond Ray in Fort Lauderdale.

Three other investors joined the state case, which mirrors the dismissed federal one, as plaintiffs, bringing the amount they collectively invested from $10.5 million to $12 million.

 

Files
Feb
07
2019

Civil cover sheet

Civil cover sheet

Civil_Cover_Sheet_2_7_19.pdf
Feb
07
2019

Complaint

Complaint

Complaint_2_7_19.pdf
Attorneys, Regional Centers and Firms
The Bancorp Bank

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