The SEC threw cold water on a phony hotel development proposal and investment scheme allegedly perpetrated by Illinois resident Anshoo R. Sethi and meant to dupe foreigners out of big bucks. Today's SEC press release states that Sethi defrauded foreign investors, mostly from China, of more than $150M by convincing them that an investment of more than $1M would produce "profitable returns and a legal path to U.S. residency through a federal visa program." Sethi also falsified building permits and claims of hotel chains signing on. There is demolition occurring at the O'Hare-proximate site, but it's not related to anything like this. Curbed was duped too but thankfully we kept our investments to smaller items, like groceries. [Press Release, previously]
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