USREDA recently ensured livelihood of EB-5 investors was not overlooked by Courts
The SEC protected the investment, but the dream of immigration for the investors and their families was still at stake... USREDA made sure these individuals had a voice in the Court
United States Regional Economic Development Authority, LLC (USREDA), a leading processor of immigrant-based investment in the U.S., along with many concerned Chinese consultants, agents, and brokers, won an unprecedented victory for the rights of EB-5 investors last week. As a result 297 foreign investors, whose capital was caught up in a Securities and Exchange Commission (SEC) claim against the developer of the A Chicago Convention Center (ACCC), will have the opportunity to receive their investment back immediately according to an April 23 SEC release. It is believed that many will re-invest in U.S. jobs and continue their path toward permanent residency for themselves and their immediate family members.
According to court documents, in the case of U.S. Securities and Exchange Commission v. A Chicago Convention Center, LLC, Anshoo Sethi, and Intercontinental Regional Center Trust of Chicago, LLC, (Civil Action No. 13-cv-982), a judge for the United States District Court for the Northern District of Illinois ordered on February 6 that the ACCC project be stopped and the assets of Anshoo R. Sethi be seized while the Court addressed the alleged fraudulent activities levied against the project by the SEC. At that time 297 foreign investors had contributed to the project as part of the EB-5 pilot program, which gives foreign investors a path to residency in return for financing job-creating domestic projects with half-million dollars or more. However, the status of investors’ immigration to the U.S. was put in jeopardy when the project was stopped. USREDA provided a strong voice for priority and the rights of the individuals who had invested, motioning that the families be allowed to re-invest in other legitimate EB-5 projects.
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