Patricia Raad claims that Bank Audi in Lebanon has refused to transfer $17.6 million her late husband deposited for their children, despite her signing agreements and filing a lawsuit. After her husband's death in 2009, the bank manager dissuaded her from transferring the funds to New York, leading to a legal battle after the Lebanese banking system collapsed in a financial crisis. Raad's situation reflects the broader financial turmoil in Lebanon, where many depositors are unable to access their money.
Raad claims she signed agreements with Bank Audi managers in Lebanon to transfer the money in separate installments of about $2 to $3 million to herself, son and daughter - and paid taxes in America on the full amount while waiting.
But a Bank Audi manager allegedly begged her not to move the dough and then ignored agreements to deliver the funds, she said in a Manhattan Federal Court lawsuit.
Lebanon spiraled into a crippling 2019 financial meltdown the World Bank later described as a 'Ponzi scheme,' which encouraged money to flow in while failing to pay for public services or safeguarding depositers such as Raad.
Patricia Raad said her husband Michel, immigrated to the US when he was 18 from their native Lebanon, and spent a lifetime working his way up as a businessman in the cosmetics and perfume industry.
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