Mostly Cloudy
88°FMostly CloudyFull Forecast

SEC files charges against Illinois man in scheme

CHICAGO (AP) — Federal authorities have announced charges against an Illinois man accused of scamming hundreds of Chinese investors out of millions of dollars.

The Securities and Exchange Commission says it has frozen the assets of 29-year-old Anshoo Sethi. They say Sethi fraudulently sold more $145 million in securities and $11 million in fees. The more than 250 investors were primarily from China.

Officials say investors thought they were buying interests in a hotel and conference center near Chicago's O'Hare International Airport. They also thought the investments enhanced their chances of getting U.S. citizenship.

There was no answer at phone listings for Sethi in Chicago.

Comments

Comments

National video



Reader Poll

An 82-year-old Sterling man recently parachuted from a plane for the first time. Would you ever skydive?
Yes, I've never done it but would try it
Yes, I've already skydived and enjoy it
No, I've never done it and don't want to
No, I've done it and don't want to again