U.S. securities regulators charged an Illinois man with fraud
and told Reuters he misled investors from China on a $150 million deal he told
them would help their prospects for U.S. citizenship, according to a complaint
unsealed on Friday.
Anshoo Sethi told investors their funds would buy interests
in a hotel project in Chicago that had received building permits and
commitments from major hotel chains, the Securities and Exchange Commission
said.
But none of the hotel chains were on board with the project,
and the only permits the city had provided were for preliminary efforts
including a tent for a groundbreaking ceremony and a demolition permit, the
commission said….
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