A Former Chicago developer was sentenced to three years in federal prison Tuesday for fraudulently raising nearly $160 million from Chinese nationals to fund a failed hotel andconvention center development near O'Hare International Airport.
"You took advantage of hundreds of other people for your own personal gain," U.S. District Judge John Lee told Anshoo Sethi at the conclusion of a lengthy hearing that stretched over two days. In addition to the prison term, Lee ordered Sethi to pay $8.8 million in restitution to his victims
Sethi, 33, pleaded guilty in January 2016 to a wire fraud count alleging he lied to some 290 Chinese nationals, who bankrolled the mega-project through the government's much-maligned EB-5 program, which offers a path to U.S. residency for foreign investors.
To entice investors and keep the project going, Sethi produced slick videos and other promotional materials purporting he had the backing of major Illinois politicians, including then-Gov. Pat Quinn, according to court records.
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