NYC widow accuses Lebanese bank of ‘stealing’ her family’s $17.6 million fortune

New York Post - Apr 5th, 2025

Patricia Raad, a widow from the Upper West Side, claims that Lebanese banks, particularly Bank Audi, have misappropriated $17.6 million meant for her and her children. This money, accrued by her late husband Michel through his business in the cosmetics industry, was deposited in a Lebanese trust. However, when she attempted to transfer the funds back to New York, the bank management allegedly obstructed the process. Despite her legal efforts, New York courts have dismissed her lawsuit, citing jurisdiction issues, and have urged that the case be settled in Lebanese courts, leaving her in a financial and emotional turmoil.

The case highlights the broader issue of Lebanon's financial crisis, which the World Bank described as a 'Ponzi scheme' after the 2019 meltdown, leaving over $100 billion stuck in the nation's banking system. Raad's attorney emphasizes that European courts provide more support for similar cases, unlike New York, which dismisses jurisdiction due to the lack of direct connections to local banks. The situation underscores the challenges faced by depositors in Lebanon and raises questions about international banking jurisdictions and protections for foreign depositors, as Raad continues to fight for her family's financial security and her late husband's legacy.

Patricia Raad Bank Audi Lebanese Financial Crisis New York Courts Michel Raad

Story submitted by Fairstory

RATING

6.4

Moderately Fair

Read with skepticism

The article presents a compelling narrative centered on Patricia Raad's legal struggle against Bank Audi, highlighting significant issues related to international banking and legal jurisdiction. While the story is timely and engages the public interest, it lacks balance and source diversity, relying heavily on Raad's perspective without incorporating responses from the bank or legal experts. The accuracy of the claims is generally supported by credible context, but additional evidence and transparency would enhance the story's reliability. Overall, the article effectively communicates the personal impact of broader financial and legal issues but could benefit from a more comprehensive exploration of these themes to maximize its impact and engagement.

Accuracy

The story presents several factual claims that are largely verifiable but require additional evidence for full accuracy. For instance, the claim that Lebanese banks, specifically Bank Audi, misappropriated $17.6 million from Patricia Raad's family trust is a serious allegation that necessitates supporting documentation, such as bank statements or legal agreements. The article accurately describes Lebanon's financial crisis and its impact on depositors, which aligns with reports from credible sources like the World Bank. However, the story could benefit from more precise details about the legal proceedings, including the specific reasons for the jurisdictional dismissal by the Manhattan judge and the status of Raad's appeal.

Balance

The article primarily presents the perspective of Patricia Raad and her legal struggle against Bank Audi, with limited input from the bank or other involved parties. This creates a potential imbalance, as the reader receives a one-sided narrative. Including statements or responses from Bank Audi or legal experts could provide a more comprehensive view of the situation. The lack of such perspectives may lead to perceived favoritism towards Raad's claims without fully exploring the bank's stance or the broader legal context.

Clarity

The article is generally clear and well-structured, presenting a coherent narrative of Patricia Raad's legal battle. The language is straightforward, making the complex financial and legal issues accessible to a general audience. However, the story could improve clarity by providing more background information on the Lebanese banking system and the specific legal hurdles faced in New York courts, which would help readers unfamiliar with these topics better grasp the nuances of the case.

Source quality

The article relies heavily on the statements of Patricia Raad and her attorney, which are central to the narrative but may lack independent verification. The absence of direct quotes or information from Bank Audi or legal documents diminishes the source quality, as it relies on second-hand accounts. The credibility of the information would be strengthened by incorporating insights from financial experts, legal analysts, or official court documents to corroborate the claims made by Raad and her attorney.

Transparency

The article provides some context about Lebanon's financial crisis and the legal challenges faced by Patricia Raad, but it lacks transparency in explaining the basis of certain claims. For example, the article mentions Raad's legal arguments regarding jurisdiction without detailing the legal principles involved. Greater transparency about the methodology used to gather information, such as interviews or document reviews, would enhance the reader's understanding of the story's foundation.