Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

GBP/USD drops as weak CPI reduces BoE May rate rise odds
more Options>>

Options

Trading Vertical Option Spreads

SEC says Chicago man lured Chinese investors in citizenship scam

By Joshua Gallu, Bloomberg

February 8, 2013 • Reprints

The U.S. Securities and Exchange Commission sued a Chicago man over claims he fraudulently raised more than $145 million primarily from Chinese investors by promising that their investments would provide a pathway to U.S. citizenship.

Anshoo R. Sethi, 29, over the past 18 months duped more than 250 investors into believing that backing his project to build a hotel would give them access to the EB-5 Immigrant Investor Pilot Program, the SEC said in a Feb. 6 complaint unsealed today at U.S. District Court in Illinois. Certain investors who create or preserve at least 10 jobs for U.S. workers can get U.S. residency permits through the program.

Sethi falsely told investors that his companies had acquired all the necessary building permits and that several major hotel chains had signed onto the project to construct the “World’s First Zero Carbon Emission Platinum LEED certified” hotel and conference center near Chicago’s O’Hare International Airport, the SEC said. Meanwhile, Sethi and his companies have spent more than 90% of the $11 million in administrative fees collected from investors, according to the complaint.

“Sethi orchestrated an elaborate scheme and exploited these investors’ dream of earning legal U.S. residence along with a positive return on their investment in a project that was not nearly the done deal he portrayed,” Stephen Cohen, associate director of the SEC’s enforcement division, said in a statement.

A phone call to a number listed for Sethi was not immediately returned.

The Chicago Tribune reported last year that Illinois Governor Pat Quinn’s administration had originally supported Sethi’s project. In January 2012, however, state officials demanded that Sethi remove Quinn’s image and the state’s seal from materials he used to solicit investors, the Tribune reported.

www.bloomberg.com

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Fed tightens a quarter in Yellen's last meeting
CFTC obtains consent order against California firm for fraud
MF Global is gone, but Corzine may return
CFTC commissioner floats user fee
Learning the lessons of platinum partners
Previous
Canadian dollar below parity as employment unexpectedly shrinks
Next
A new kind of job market
Related Terms
U.S. Securities and Exchange Commission 958Illinois 599Regulation 344SEC 318U.S. District Court 202Enforcement 121Chicago Tribune 15Pat Quinn 3Stephen Cohen 2the Tribune 1Anshoo R. Sethi 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images