Immigrant Investors Receive Refunds From A Chicago Convention Center Project
USREDA Gives EB-5 Investors a Voice in Court; United States Remains a Safe and Secure Haven for Investment
A spokesperson with United States Regional Economic Development Authority, LLC (“USREDA”) reports that last week the first wave of 297 defrauded investors received refunds of their investment in the A Chicago Convention Center (“ACCC”). This comes as welcome news to many whose capital were tied up in a District Court order made against developer Anshoo R. Sethi in February, and whose immigration status was left in jeopardy as a result.
According to court documents in the case of U.S. Securities and Exchange Commission v. A Chicago Convention Center, LLC, Anshoo Sethi, and Intercontinental Regional Center Trust of Chicago, LLC, (Civil Action No. 13-cv-982), Judge St. Eve, in the United States District Court for the Northern District of Illinois, ordered the return of more than $147 million in escrowed funds for “an investment scheme defrauding foreign investors.” At that time 297 foreign investors had contributed to the project as part of the EB-5 pilot program, which gives foreign investors a path to residency in return for financing job-creating domestic projects with half-million dollars or more.
Court records indicate that USREDA’s swift action in assembling and financing a renowned team of legal experts, along with many concerned consultants and agents in China, gave many investors immediate representation and a strong voice for priority in Federal Court. It often takes several years for courts to return seized funds because of the many complicated and divergent motivations of the investors, plaintiffs and defendants. However, the Federal Court and the Securities and Exchange Commission (“SEC”) were sympathetic toward the investors’ plight in this case, and their prompt action reinforced the U.S. regulatory and legal system as unmatched in honoring the rights and liberties of the individual. As a result of this court order, many people around the world remain confident and hopeful as they dream about a better life for themselves and their families. A number of these families received their reimbursements already last week according to the USREDA spokesperson.
USREDA President and CEO Mr. Joseph Walsh couldn’t be happier about the ruling: “We feel that it is the best possible outcome, as the people were protected,” Walsh said. “It’s good for the investors because they have received their money back quickly, and therefore retain the opportunity to pursue U.S. residence through the EB-5 program; it’s good for China and other countries worldwide because they see how the ’Rule of Law’ is upheld here in the U.S. Courts; and it’s good for the United States because jobs and economic growth are being created here as a result.”
United States Regional Economic Development Authority, LLC (“USREDA”) is one of the largest and most respected processors of investment-based immigration (EB-5). By connecting investors with emerging organizations in key growth sectors such as innovation, real estate, tourism, and university and governmental infrastructure, USREDA is building wealth without borders for its clients.
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