By: Hal Clarke

A New York widow is in a desperate legal battle to recover $17.6 million she says was stolen by Lebanese bankers — with little support from American courts, as reported by the New York Post.

Patricia Raad, 70, of the Upper West Side, says her family’s future was robbed after Lebanese-based Bank Audi failed to release funds her late husband, Michel Raad, had placed in trust for their three children. Michel, who immigrated from Lebanon at 18, built a successful career in the cosmetics and perfume industry in the U.S., and for decades, funneled his earnings into accounts at Bank Audi in Lebanon.

According to Patricia, Michel’s goal was to provide long-term security for their children. He passed away from cancer in 2009 at the age of 69, three years after establishing the trusts.

For years, everything seemed secure — until the funds matured and Patricia attempted to transfer the money back to the United States in 2018. What followed, she said, was betrayal and silence.

In a lawsuit filed in Manhattan Federal Court, Patricia alleged that when she informed a Bank Audi manager of her intent to transfer the funds to herself and her children in increments of $2 to $3 million, he begged her not to. “He was pleading with me, saying, ‘Please don’t do that, it will look bad on me,’” Patricia recounted. She claims she paid taxes in the U.S. on the full amount in anticipation of receiving it — but never received a single dollar.

The situation grew more dire as Lebanon’s financial crisis erupted in 2019, with the World Bank later labeling the collapse a “Ponzi scheme.” The Lebanese banking sector froze withdrawals, trapping over $100 billion in deposits. Patricia’s money was among them.

“There can be no genuine debate that $17,623,674 of [Raad’s] money on deposit with Bank Audi is immediately due,” her lawsuit states, accusing the bank of misappropriating funds. But her battle has faced repeated obstacles in U.S. courts.

In March 2024, a Manhattan judge dismissed her 2020 case, ruling that New York lacked jurisdiction over Bank Audi and that any claims would have to be brought in Lebanon — a country grappling with economic instability and legal chaos.

Last week, Patricia appeared before the U.S. Court of Appeals for the Second Circuit in Manhattan, hoping to revive her case. Her lawyer, Douglas Kellner, argued that New York courts should have jurisdiction since Bank Audi has long-standing business ties with financial giants like Citibank, JPMorgan Chase, Bank of New York Mellon, and Standard Chartered via “correspondent banking” relationships.

“England and France allow their citizens to sue Lebanese banks — but not New York,” Kellner noted, adding that the system leaves American victims like Patricia without recourse.

The emotional toll on Patricia and her children has been immense. “This money was meant to protect Michel’s legacy and care for his children,” she said. “Not getting it is like losing him all over again.”

Now, as the appeal works its way through the courts, Patricia is holding onto hope — and the belief that justice will ultimately prevail.