02/11/2013 01:39:22 PM EST
SEC Sues Chicago EB-5 Regional Center, Anshoo Sethi: Massive Fraud Alleged
"The Securities and Exchange Commission today announced charges and an asset freeze against an individual living in Illinois and two companies behind an investment scheme defrauding foreign investors seeking profitable returns and a legal path to U.S. residency through a federal visa program." - SEC, Feb. 8, 2013.
"The SEC alleges that Anshoo R. Sethi created A Chicago Convention Center (ACCC) and Intercontinental Regional Center Trust of Chicago (IRCTC) and fraudulently sold more than $145 million in securities and collected $11 million in administrative fees from more than 250 investors primarily from China." - International Business Times, Feb. 11, 2013.
" "As the fraud described is ongoing and is likely to continue, and over $145 million of investor funds remain at risk of being misappropriated, the SEC seeks emergency ex parte relief in this action to enjoin violations of the anti-fraud provisions of the federal securities laws, freeze assets, secure a preliminary injunction and other equitable relief," the SEC says. The "managing members" of the defendant LLCs are Anshoo Sethi and Ravinder Sethi, and the Intercontinental has a third managing member, Ranjna Sethi, the SEC says." - Courthouse News Service, Feb. 11, 2013.