中文
EN
02/23/2017

'Largest ever' US EB-5 visa fraud case settled

'Largest ever' US EB-5 visa fraud case settled

 

Anshoo R. Sethi, a Chicago-based hotel developer, was sentenced to three years in prison and required to repay 8.8 million US dollars by a US District Court on Tuesday, after fraudulently raising over 145 million US dollars primarily from Chinese investors, and promising to get them US citizenship with lies and forged documents.

 

Sethi defrauded the investors into believing his company had all the necessary building permits on a project to construct a convention center near Chicago’s O’Hare International Airport.

 

The US Securities and Exchange Commission (SEC) halted Sethi’s O'Hare convention center project, and Sethi’s assets were seized. 500,000 US dollars were repaid to each investor, but the 41,500-dollar administrative fee collected from each of them was only partially repaid, with the remainder already spent by Sethi.

 

It is the largest EB-5 criminal fraud case in the US to date, according to US media.

 

Non-American investors can apply for the EB-5 visa by investing at least 500,000 US dollars.

Non-American investors can apply for the EB-5 visa by investing at least 500,000 US dollars.

 

The EB-5 visa is a special program for non-American investors who invest at least 500,000 US dollars in approved projects, allowing them to become lawful permanent residents, with the aim of stimulating the economy and creating jobs in the US. The EB-5 visa program attracts at most 10,000 applications per year, mainly from Chinese investors.

 

Many agencies provide assistance for EB-5 visa applicants in China.

Many agencies provide assistance for EB-5 visa applicants in China.

 

Wang Zhidong, a senior attorney, suggested investors should learn a lesson from Sethi’s case, while warning that applicants for the visa must choose qualified intermediaries with project approval.



    Editor:Albert | Source: Agencies


Driftwood Transcultural Forum
Driftwood Transcultural Forum
Driftwood Transcultural Forum was held in Vancouver on August 6. This forum aims to establish itself as a platform to facilitate transcultural debates, discussions and dialogues.
St Patrick
St Patrick's Day Parade Vancouver 2016
The 12th Annual St. Patrick’s Day Parade is the festival’s largest and most popular free event.
    BACK TO TOP
Police: Ex-astronaut tried to take vehicle after fatal crash
Police: Ex-astronaut tried to take vehicle after fatal crash
Stocks edge lower as mining and materials companies slip
Stocks edge lower as mining and materials companies slip
2016 Golden Panda Cultural Immersion Trip Day 7
2016 Golden Panda Cultural Immersion Trip Day 7
Ma Long wins gold medal in men
Ma Long wins gold medal in men's singles table tennis
Nielsen hopes to bring science to TV casting
Nielsen hopes to bring science to TV casting
The Corner Tower of Forbidden City
The Corner Tower of Forbidden City