$158 millionraised from close to 300 foreign investors in a Chicago EB-5 offering
The SEC says a Chicago EB-5 hotel and convention center offering raised approximately $158 million from close to 300 foreign investors, and a court returned $147 million of frozen principal.
The defendants settled without admitting or denying the SEC's allegations. A press report says the developer separately pleaded guilty to wire fraud and was sentenced to three years.
Source: US Securities and Exchange Commission · Construction Dive. Read more: eb 5 immigrant investor fraud · case file