HOUSE_OVERSIGHT_027069.jpg
933 KB
Extraction Summary
6
People
5
Organizations
5
Locations
2
Events
2
Relationships
3
Quotes
Document Information
Type:
Investigative report or news article excerpt (house oversight document)
File Size:
933 KB
Summary
A document from House Oversight files detailing SEC complaints and lawsuits against a developer named Matthews. Matthews allegedly misallocated $44 million in EB-5 investor funds to pay for personal assets including a yacht and homes in Connecticut and Palm Beach. The text also notes that the development group falsely claimed high-profile figures like Bill Clinton and Donald Trump were on their advisory board.
People (6)
| Name | Role | Context |
|---|---|---|
| Matthews | Developer/Defendant |
Accused by SEC of misallocating $44 million in investor funds for personal luxury items.
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| Bill Clinton | Politician |
Falsely named as a member of the Palm House advisory board by the development group.
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| Donald Trump | Politician |
Falsely named as a member of the Palm House advisory board by the development group.
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| Celine Dion | Celebrity |
Falsely named as a member of the Palm House advisory board by the development group.
|
| Bill Koch | Businessman/Celebrity |
Falsely named as a member of the Palm House advisory board by the development group.
|
| Stephen Ross | Owner, Miami Dolphins |
Leader of Related Companies, developer of CityPlace West Palm Beach.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Securities and Exchange Commission |
Filed a complaint against Matthews regarding EB-5 funds.
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| EB-5 investors |
Group that invested $44 million; filed a separate lawsuit.
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| Palm House |
Development project associated with the advisory board claims.
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| Related Companies |
Developer led by Stephen Ross.
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| Miami Dolphins |
Owned by Stephen Ross.
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Locations (5)
| Location | Context |
|---|---|
|
Location of Matthews' home paid for with misallocated funds.
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Location of Matthews' mansion facing foreclosure.
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Developed by Related Companies.
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Downtown location for proposed One Flagler project.
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Proposed 25-story office project.
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Relationships (2)
Matthews raised $44 million from investors; investors sued.
Related Companies, led by Miami Dolphins owner Stephen Ross
Key Quotes (3)
"Matthews then raised $44 million from EB-5 investors, according to a complaint by the Securities and Exchange Commission."Source
HOUSE_OVERSIGHT_027069.jpg
Quote #1
"Some of the funds allegedly went to pay for Mathews’ Connecticut home, his 151-foot mega yacht, as well as to save his Palm Beach mansion from foreclosure"Source
HOUSE_OVERSIGHT_027069.jpg
Quote #2
"the development group claimed that famous celebrities and politicians such as Bill Clinton, Donald Trump, Celine Dion and Bill Koch – would serve on the Palm House’s advisory board when, in fact, they did not."Source
HOUSE_OVERSIGHT_027069.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,100 characters)
Matthews then raised $44 million from EB-5 investors, according to a complaint by the Securities and Exchange Commission. EB-5 is a federal program that allows foreign investors the chance to gain a green card if they invest at least $500,000 into certain projects that create at least 10 jobs.
The SEC’s complaint said, however, that much of this money was misallocated to pay for Matthews’ personal expenses. Some of the funds allegedly went to pay for Mathews’ Connecticut home, his 151-foot mega yacht, as well as to save his Palm Beach mansion from foreclosure, according to the complaint.
In a separate lawsuit filed by a group of EB-5 investors, the development group claimed that famous celebrities and politicians such as Bill Clinton, Donald Trump, Celine Dion and Bill Koch – would serve on the Palm House’s advisory board when, in fact, they did not.
Related Companies, led by Miami Dolphins owner Stephen Ross, developed CityPlace West Palm Beach. The company is also proposing to build a 25-story office project called One Flagler in downtown West Palm Beach.
HOUSE_OVERSIGHT_027069
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