Lan Li, Ying Tan & Others vs PNC Bank and Ruben Ramirez

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PlaintiffsDefendants

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

Cause(s) of Action:

Breach of Contract

Related to:

Ryan Black

vs.

Gerry Matthews, Palm House LLC

Description:

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.

Files
Attorneys, Regional Centers and Firms
Joseph  J. WalshSouth Atlantic Regional Center (SARC)

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