CHICAGO (AP) - A three-year prison sentence has been handed a man who pleaded guilty to wire fraud for a scheme to defraud foreign investors into backing a convention complex by Chicago’s O’Hare International Airport.
Anshoo Sethi of Chicago admitted to using fraudulent documents to raise millions from mostly Chinese investors who believed they’d get U.S. residency in return. The case involves the EB-5 visa program, which allows foreign investors green cards.
The 33-year-old Sethi pleaded guilty in January 2016 to a wire fraud count alleging he lied to about 290 Chinese nationals who bankrolled the $145 million project.
During sentencing, U.S. District Judge John Lee told Sethi he took advantage of hundreds of people for personal gain. In addition to the prison term, Lee ordered Sethi to pay $8.8 million in restitution to his victims.
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