Developer promised citizenship for investment money, Chinese immigrants claim

By Danielle Pacey | Oct 13, 2018

The immigrants sought coveted EB-5 visas.  

PALM BEACH –– A group of Chinese immigrants accuse the founder of the South Atlantic Regional Center of bilking them out of money for investments in return for work visas.

Twelve Chinese immigrants filed the complaint on Sept. 20 in the U.S. District Court for the Southern District of Florida against Joseph J. Walsh, the South Atlantic Regional Center LLC, Royal Palm Development I LLC, United States Regional Economic Authority LLC, JJW Consultancy Ltd and Usreda Holdings LLC. 

According to the complaint, Walsh told the immigrants if they invested $500,000 into a commercial development in West Palm Beach, they would have interest in the business and obtain jobs to receive coveted EB-5 visas.

But the plaintiffs claim Walsh took their money and never built out the commercial center. As a result, the plaintiffs could not secure jobs within the development that would satisfy the conditions for the EB-5 visas that they hoped would give them conditional permanent residency.

The plaintiffs allege Walsh stole from them, breached fiduciary duties because he was in a position of trust and committed fraud.

The plaintiffs are asking for injunctive relief, declaratory relief, compensatory damages, interest and attorney fees.

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