Several US-based firms failed to represent clients in court; USREDA helped win reimbursement for defrauded immigrant investors.
United States Regional Economic Development Authority, LLC (USREDA) and its legal counsel played a pivotal role in persuading a Federal Court judge to return capital to defrauded foreign investors in a timely manner according to official court documents. Despite this, an alleged misinformation campaign appears to have been created by attorneys who spread information to these investors as it relates to the case. This according to an April 19 letter received by USREDA from its legal counsel, Milwaukee-based Quarles & Brady LLP, which claims that the misinformation campaign accused USREDA of acting against the U.S. Securities and Exchange Commission (SEC) efforts to return investor monies.
According to an April 23 release by the SEC, in the matter of U.S. Securities and Exchange Commission v. A Chicago Convention Center, LLC (ACCC), Anshoo Sethi, and Intercontinental Regional Center Trust of Chicago, LLC, (Civil Action No. 13-cv-982), Judge St. Eve in the United States District Court for the Northern District of Illinois ordered the return of more than $147 million in escrowed funds for "an investment scheme defrauding foreign investors." The ruling requires capital be repaid to the 297 foreign investors who had contributed to the project as part of the EB-5 pilot program, which gives immigrant investors a path to U.S. residency in return for their financing of job-creating domestic projects with a $500,000 investment.
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