PNC, Fla. Hotel Developers Seek Exit From EB-5 Fraud Suit

Law360 (June 17, 2020, 8:44 PM EDT) -- PNC Bank and developers of a now-shuttered Miami Beach hotel asked a judge on Wednesday to let them out of a fraud suit by Chinese investors, arguing the investors had failed to tie the bank and the hotel to an alleged scheme to embezzle their EB-5 visa investment money.

In a telephone hearing before U.S. Magistrate Judge Alicia M. Otazo-Reyes, attorneys for the bank and the developers, referred as the Greystone entities after the hotel project, said the Chinese investors had failed to show that they knew of fraudulent activities by Joseph Walsh, the head of an EB-5 regional center who...

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