He was a twenty-something wannabe developer, the son of immigrants from India, and he dreamed of building a $900 million hotel and convention complex near O’Hare Airport.
He assembled a team of political heavyweights, including Illinois House Speaker Michael J. Madigan, and traveled to China to get investors.
Now, the land sits empty, and Anshoo Sethi awaits sentencing, possibly this week, after pleading guilty to wire fraud.
He’s admitted his role in what federal authorities call a scheme to use fraudulent documents to raise $160 million from Chinese investors willing to bankroll his project in exchange for permanent United States residency under the U.S. government’s much-maligned EB-5 visa program. The program grants residency to foreigners who invest in economic development projects.
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