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EB-5 Investors Bilked Of $21M In Fla. Hotel Scam, SEC Says

Law360 (August 3, 2018, 9:10 PM EDT) -- Two people and their related business entities misappropriated approximately $21 million from foreign investors who sought to obtain green cards through the EB-5 visa program, using cash meant for a hotel project on personal expenses such as payments toward a mansion and a yacht, the U.S. Securities and Exchange Commission alleged in Florida federal court Friday.

Joseph J. Walsh Sr. and Robert V. Matthews defrauded the investors and violated federal securities laws by collecting nearly $44 million purportedly for the acquisition, development and operation of the...
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Case Information

Case Title

Securities and Exchange Commission v. Palm House Hotel, LLLP et al


Case Number

9:18-cv-81038

Court

Florida Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Donald M. Middlebrooks

Date Filed

August 3, 2018

Government Agencies

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