HOUSE_OVERSIGHT_029527.jpg
1.63 MB
Extraction Summary
7
People
6
Organizations
4
Locations
2
Events
2
Relationships
4
Quotes
Document Information
Type:
News article printout (the real deal)
File Size:
1.63 MB
Summary
This document is a printout of a 'The Real Deal' article dated June 26, 2019, detailing fraud allegations against Walsh and SARC regarding the Palm House EB-5 project. The text outlines how Walsh allegedly misled investors with false claims about financing, including non-existent bank loans and developer equity, while promising lavish rewards like jet and yacht access. Walsh is reported to have fled the U.S., possibly to Vietnam or Australia, to avoid facing charges.
People (7)
| Name | Role | Context |
|---|---|---|
| Walsh | SARC Founder / Defendant |
Accused of fraud, currently not in the U.S., possibly in Vietnam or Australia.
|
| Walsh's son | Relative |
Did not respond to requests for comment.
|
| George | Plaintiff Attorney |
Stated Walsh is likely in Vietnam or Australia.
|
| Robert Matthews | Subject in Header |
Mentioned in article tags/header.
|
| Clintons | Subject in Header |
Mentioned in article tags/header.
|
| Trump | Subject in Header |
Mentioned in article tags/header.
|
| Tony Bennett | Subject in Header |
Mentioned in article tags/header.
|
Organizations (6)
| Name | Type | Context |
|---|---|---|
| SARC |
South Atlantic Regional Center (implied), founded by Walsh, made false claims to investors.
|
|
| SEC |
Securities and Exchange Commission, filed a complaint regarding the Palm House project.
|
|
| PNC Bank |
Bank where investor funds were allegedly held in escrow.
|
|
| USCIS |
US Citizenship and Immigration Services, responsible for approving green cards.
|
|
| South Florida Real Estate News |
Publisher of the article (The Real Deal).
|
|
| The Palm House |
Real estate development project at the center of the fraud allegations.
|
Locations (4)
| Location | Context |
|---|---|
|
Possible current location of Walsh.
|
|
|
Possible current location of Walsh.
|
|
|
Jurisdiction where Walsh is facing charges.
|
|
|
Development project location.
|
Key Quotes (4)
"selling the mineral rights to 600,000 asteroids in space, an investor prospectus claimed."Source
HOUSE_OVERSIGHT_029527.jpg
Quote #1
"Despite proclaiming innocence, Walsh is not in the U.S. to face any charges"Source
HOUSE_OVERSIGHT_029527.jpg
Quote #2
"None of that was true."Source
HOUSE_OVERSIGHT_029527.jpg
Quote #3
"SARC also claimed the investors’ funds would be held in an escrow account at PNC Bank until their green cards had been approved"Source
HOUSE_OVERSIGHT_029527.jpg
Quote #4
Full Extracted Text
Complete text extracted from the document (1,752 characters)
Palm House Robert Matthews EB-5 Clintons Trump Tony Bennett https://therealdeal.com/miami/issues_articles/lost-paradise-at-th...
SOUTH FLORIDA REAL ESTATE NEWS
SUBSCRIBE MY ACCOUNT
SUBSCRIBE MY ACCOUNT
selling the mineral rights to 600,000 asteroids in space, an investor prospectus claimed.
Walsh’s son did not respond to multiple requests for comment.
[Image: Marketing Brochure]
WORLD RENOWN ADVISORY BOARD
Bonus Program For the Investor
Each Investor will receive:
1 FREE Week Yearly stay @ The Palm House
The Palm House Club
Hawker Jet 850 XP
Rolls Royce
100' Yacht
Sales Reward For the Investor
If the Project sells for more than 100,000,000 USD then the investor will receive a total of 10% of their original investment ($50,000)
[End Image]
WORLD RENOWN ADVISORY BOARD
Bonus Program For the Investor
Each Investor will receive:
1 FREE Week Yearly stay @ The Palm House
The Palm House Club
Hawker Jet 850 XP
Rolls Royce
100' Yacht
Sales Reward For the Investor
If the Project sells for more than 100,000,000 USD then the investor will receive a total of 10% of their original investment ($50,000)
[End Image]
(Click to enlarge)
Despite proclaiming innocence, Walsh is not in the U.S. to face any charges, according to multiple sources. George, the plaintiff attorney, said SARC’s founder is now either in Vietnam or Australia.
Walsh’s success in getting foreign backers on board for the planned Palm House project, according to the SEC’s complaint, was largely based on lies made to unsuspecting investors who believed the project carried minimal risk.
In bold font, one marketing brochure claimed that the EB-5 investor money would only be used for 43 percent of the project’s total costs while the rest would be covered by a $29 million loan from a “reputable bank” and $22 million in equity from the developer.
None of that was true.
SARC also claimed the investors’ funds would be held in an escrow account at PNC Bank until their green cards had been approved by USCIS and that the money wouldn’t be touched until then. Investors were even sent photos of a PNC account
8 of 10 6/26/19, 11:57 AM HOUSE_OVERSIGHT_029527
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