44 EB-5 investors sue PNC Bank over Palm House Hotel losses

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The Palm House Hotel

UPDATED, March 19, 10:50 a.m.: 

Forty-four EB-5 investors from China, Iran and Turkey who lost money in the still unfinished Palm House Hotel project are now suing PNC Bank and a South Florida branch executive, alleging the defendants aided and abetted fraud.

The investors in the condo-hotel project in Palm Beach filed the civil suit in Palm Beach County Circuit Court earlier this month, alleging that the developer and others tied to the project promised their investment would be protected in a PNC escrow account until they secured their green cards.  The suit alleges PNC legitimized that promise of safety, by purporting to create an escrow account. The plaintiffs were part of the federal EB-5 cash-for-visa program, which gives investors a green card in exchange for investing at least $500,000 in an American business and creating at least 10 jobs.

Source: The Real Deal

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