EB-5 fraud; SEC announces investigation
Looking for A Specific Post? Search Below
In an important development, the SEC and USCIS are currently investigating the operations of a Chicago-based EB-5 investment center called the Intercontinental Regional Center Trust of Chicago (IRCTC) and its promoter, Mr. Anshoo Sethi, in connection with the promotion of its offering for the “Chicago Convention Center LLC” investment. The investment promised to build the world’s first zero carbon emission platinum LEED certified hotel and conference center near O’Hare Airport in Chicago.
The Complaint filed by the SEC alleges that Mr. Sethi and his associates fabricated agreements with hotels. The project sold more than $145 million in securities through limited partnership interests to EB-5 investors. The project was particularly heavily marketed in China, and more than 90% of the estimated $11 million in administrative fees collected from investors are estimated to have been spent. It is alleged that Mr. Sethi himself transferred $2.5 million to his personal bank account in Hong Kong.
The claims and documents provided by the IRCTC and Mr. Sethi, in hindsight, contain several obvious discrepancies. Mr. Sethi, at the age of 29, claims to have 15 years of experience in real estate management and development. The agreements between the project and many hotels such as Starwood, the Hyatt, and the Intercontinental Hotel Group were all forged.
A complaint has been filed in the federal district court for the Northern District of Illinois: http://www.sec.gov/litigation/complaints/2013/comp-pr2013-20.pdf
This unfortunate situation once again highlights the importance of conducting due diligence and retaining qualified immigration counsel for an EB-5 investment, even where such investments are to be made in regional centers.
What Our Clients Say
5-Star Rating | Based on 200+ Satisfied Customer Google Reviews
Thank you Matthew for all the great and hard work, very attentive and fast replying for everything, also thank you to Maya Flores. I highly recommend Matthew and the Kriezelman Burton & Associates.
I met Justin, known as the King of Lawyers, in the Chicagoland area. I consulted with several law offices in Chicago regarding my case but wasn’t satisfied until I spoke with him and his team. I am truly impressed with their dedication and hard work. One of his team members, Joanna Brito, efficiently handled all my applications. I am grateful for the quick responses I received via email and phone…
Really grateful for Kevin Raica and Aleksandra Jelonkowska's help in our case of applying for parental citizenship. We are super fortunate that both of my parents received their green card literally within six months of application, and we are convinced that Kevin's team meticulous preparation is a critical element to the positive outcome. I rarely give recommendations but totally recommend Kriezelman Burton to those needing immigration legal services!
Fast, qualified service. Thank you!
Justin and Kamila were incredible in assisting us with our case. Their professionalism, attention to detail, and clear communication made the entire process smooth and stress-free. They were always available to answer our questions and provided invaluable guidance from start to finish. Furthermore, they demonstrated a deep understanding of the process and were always one step ahead, ensuring everything moved forward smoothly. Their commitment to our case and ability to…
Brittni has been very helpful throughout the process.
They are extremely professional and help properly. They applied my parents waiver i601 and we are hoping we soon get result in our favour. Thank you
Awesome and great work from Kevin and Aleksandra.
Justin is an exceptional immigration lawyer, and his staff runs the law firm with professionalism. I am a very satisfied client, and thanks to Justin's commitment and expertise, my son successfully won his case. I am truly grateful for everything he has done for my son. Highly recommended
I saw Justin Burton today and I was impressed with his professionalism and ability to get me to feel positive, after several other attorneys made me feel negative and got me to believe it will never be possible to get my Greencard. Looking forward to getting the results I was told!!
Schedule A Consultation!
Libertyville
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing contact information, users acknowledge and give explicit consent to be contacted via the methods of communication provided, including SMS. Message and data rates may apply. Message frequency may vary. Reply STOP to opt out.
NUVEW | Copyright 2025 All Rights Reserved | Accessibility Notice | privacy policy