SEC suspended a $150000000 investment plan, to deceive the foreign investors and the migration program

Washington, February 8, 2013 - America securities and Exchange Commission today announced on a live in Illinois residents survey, accused him of using the two companies behind the investment plan to seek profit returns, foreign investors hope to settle American deception and abuse of federal investment in green card visa program.

America securities and exchange commission charges, the Chicago Conference Center Anshoo R. Sethi created (ACCC) and intercontinental Regional Centre trust of Chicago (IRCTC) the fraudulent sale of more than $145000000 in stock and collection of $ 11 million items of administrative charges. More than 250 investors mainly from China.Sethi and his company, investors are deceived, think through the purchase of interest in the ACCC, they will finance the construction of the "world's first zero carbon platinum certification LEED" hotel and Conference Center, located near the Chicago O'Hare airport.Misleading investors believe that their investment, and enhance their opportunities through the EB-5 immigrant investor program, the program provides a way for foreign investors, to America residential, investment in the project, will create or save the minimum number of job prospects America workers.

America the securities and Exchange Commission says, Sethi and investors, they obtain all the necessary permits, and to the project, the main hotel chain several signed false boasting of his company.They also provide forged documents to the America Bureau of citizenship and immigration services (USCIS) - federal agencies, responsible for the management of EB-5 project - trying, to ensure that the temporary visa initially approved the agency's projects and investors.At the same time, Sethi and his company took administrative career sex more than 90% of investors to collect fees, although they promised to restore investors' money, if their visa application is refused.These funds are more than $2500000 of Cecil personal bank accounts in Hongkong.

The coordination between American the securities and Exchange Commission and the America Bureau of citizenship and immigration services SWIFT brought in America Bureau of citizenship and immigration services stops at the application stage.America securities and Exchange Commission filed an appeal, under the seal earlier this week won the emergency court to protect the remaining $145000000 portfolio, risk also misappropriated Sethi and his company.The case opened this morning.

"Ceci orchestrated a plan, and use these investors dream, to obtain legal residence America and their investment almost no transaction, he portrays a project, is a positive return, said:" Stephen Cohen, deputy director of the Department of law enforcement of SEC."The good news is,, in close cooperation with the Bureau of immigration, we do early, stopped him from far away, and retains almost all of the freezing of assets and invest the money."

The foreign investors to be eligible to apply for a green card according to the securities and Exchange Commission complaint filed in district court in the northern region American Iri Noiyushu EB-5 plan, if they invest $ 1 million (or $500000 in a "targeted employment area" has high unemployment) in a project, create or save at least 10 jobs, as American workers, but does not include investors and his or her immediate family.Sethi and his company, the temptation to obtain USA nationality to convince investors, connected with a minimum of $ 500000 dollars plus $41500 in "management fees", USA bank account.These administrative charges are separated from the EB-5 project investment capital, need to be deployed to a job creation enterprise.The administrative fees of more than $11000000 to gather requirements, they are completely returned to investors, if the visa application is refused.Sethi and his company, rather than use the funds.

American the securities and Exchange Commission says, Sethi project submitted false claims to the immigration.In the provision of false documents, in his search for the mechanism of the approved EB-5 plan of the project from the Hyatt Regency is a comfort letter, letter from the Qatar Investment Authority and backup financing.

Complaints American the securities and Exchange Commission says, Sethi and his company to do a project misrepresentation, deceiving investors.Pointed out that the sale of materials, investors will contribute to the establishment of "Convention Center and hotel complex, including meeting and conference space, 5 luxury hotel, facilities, including restaurants, lounges, bars and entertainment facilities." Sethi and his company, significant characteristics in their marketing materials were involved in three major hotel chain project: Hyatt, InterContinental Hotel group, Starwood hotels.However, no implementation of these hotel chain franchise agreements, including in this project as a representative of the hotel to provide investors with material.Cecil related entities and other supply chain material, more than two years ago the former to terminate the transaction to investors.

Also said, America securities and Exchange Commission provides false material points, construction began in the summer of 2012 and occupied the first tower will occur in the spring of 2014.The license of Chicago building search database project address display a tent, a self proclaimed in 2012 November held a groundbreaking ceremony, only the most recent permits, demolition permits, construction of the fence and a small electrical wiring license.

29 - year old Cecilia - according to the SEC complaint, distorted to provide investors with material, he has more than 15 years of real estate development and management experience, especially in the residential area. "The sale of materials also misleading state, the project developers do rise limited liability company with over 35 years of experience. "For the rise, Illinois company records show, just held in 2010.

The indictment charges, America sec Sethi, ACCC, IRCTC in violation of the "Securities Law" in 1933 tenth seventeenth (a) (two) "the Securities Exchange Act of 1934", and the rules of 10b-5.In addition to the temporary restrictions court granted to and the freezing of assets, the securities and Exchange Commission complaint America seeking permanent injunction and other monetary relief.

Investigation America securities and Exchange Commission, which is ongoing, supervision have been carried out under the C. Joshua Feil g, by Mika M. Tang Long and Adam J. Eisner.Patrick M. Bryan will lead to litigation.Large amounts of aid American securities and Exchange Commission recognized America citizenship and immigration services.