WGIL News Audio: 7am News, Sports and Obits click HERE | For the latest WGIL news click HERE

Chicagoan Accused of Defrauding Chinese

WGIL Newsroom . State News 180

CHICAGO (AP) — A 30-year-old Chicagoan faces federal charges for allegedly bilking nearly 300 Chinese of $160 million, including by assuring them their investments would secure them U.S. residency permits.

A Wednesday grand jury indictment in Chicago says Anshoo Sethi told investors he was building a nearly $1 billion hotel and convention complex near Chicago’s O’Hare International Airport.

The Securities and Exchange Commission sued Sethi in 2013. And in a settlement, the Chinese investors recouped around $147 million.

Sethi’s lawyers, Patrick Collins and Caryn Trombino, say in a statement that evidence will show the O’Hare-area project “was real.” They add the indictment “oversimplified” what happened and that Sethi looks forward to presenting “the complete picture.”

Sethi’s charged with wire fraud and making false statements. A fraud conviction carries a maximum 20-year prison term.

All AP stories are Copyright 2014 by The Associated Press. All Rights Reserved.

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.