PALM BEACH, Fla., Jan. 6, 2017 /PRNewswire/ -- On December 30th, 2016, the Circuit Court of the 15th Judicial Circuit in Palm Beach has granted the receiver, who has been paid for by South Atlantic Regional Center, to receive offers to restructure the asset and present these to the court for consideration.
This is a significant outcome for the EB5 investors, and Palm House Hotel, LLLP, the lender. The lender has alleged they have been defrauded by the Matthews family, Robert Matthews, Mia Matthews and Gerry Matthews, outlined in a civil RICO suit filed by General Partner, SARC and Palm House Hotel, LLLP that involves fraudulent documents prepared by several attorneys, purchases of luxury yachts, lavish homes, luxury cars, jewelry, vacations and the like.
It has taken many months to put together the forensic accounting of the multiple companies, off-shore accounts and entities, properties that were purchased in the general contractor's name, family trusts and other means specifically designed to hide millions of dollars of transactions using several accounts, over several years.
The order dictated by the judge is being drafted by Henry Handler, attorney for Palm House Hotel, LLLP, and will become public record in the coming days. Judge Hafele heard testimony related to the obligation of Palm House, LLC to preserve the EB5 immigration status of many EB5 investors.
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