Lan Li, Ying Tan & Others vs PNC Bank and Ruben Ramirez
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Lan Li, Ying Tan & Others | vs. | PNC Bank and Ruben Ramirez |
Filing Date:March 01, 2019
Case:Lan Li, Ying Tan & Others Vs. PNC Bank and Ruben Ramirez
Jurisdiction:Florida State Court
Status:Pending
Civil / Criminal:Civil
Breach of Contract
Ryan Black | vs. | Gerry Matthews, Palm House LLC |
PNC Bank and a Boynton Beach vice president are the latest to be pulled into litigation alleging EB-5 investment fraud on an unfinished Palm Beach project.
The Pittsburgh-based bank eased withdrawals for the developer that solicited the investments for the Palm House Hotel at 160 Royal Palm Way, a Palm Beach Circuit Court lawsuit claims. The project was envisioned as a 79-unit hotel-condominium financed with help from EB-5 visa investors.
The building was sold March 8 in bankruptcy proceedings for $40.6 million, but an appeal is planned by an affiliate of Wellington developer Glenn Straub, a previous owner.
A lawsuit filed March 1 claims a PNC account received deposits from the foreign investors, but what was billed as an escrow account actually was a checking account allowing developer Robert Matthews and Joseph Walsh Sr., founder of the South Atlantic Regional Center LLC, to ”cut through the obstacles and red tape” and makes withdrawals.
The 43 Chinese, Iranian and Turkish investors, who collectively ponied up $26.5 million for the project, named the bank and branch vice president Ruben Ramirez as defendants in the lawsuit. The complaint lists counts of aiding and abetting fraud and fraudulent inducement, aiding and abetting breach of fiduciary duty, aiding and abetting conversion and unjust enrichment.
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