Frank & Bianco LLP and Reid & Wise, LLC, are investigating allegations that Defendants violated state and federal laws by making false statements in a Confidential Private Offering Memorandum and other offering documents that promised the development of hotels and a convention center in Chicago, Illinois.
A centerpiece of the scheme were statements in the Offering Memorandum that the ACCC project complied with U.S. securities law and immigration law providing foreign investors with a legal path to U.S. permanent residency.
It appears, however, that the ACCC project was in fact a fraud perpetrated on innocent Chinese citizens and used by Defendants to raise $145 million, plus $11 million in administrative fees.
On February 6, 2013, the United States Securities and Exchange Commission filed a civil enforcement action against Defendants alleging violations of federal securities laws.
The SEC has no duty to the individual Chinese investors and may not seek to maximize investor recovery. It is critical that the individual investors come forward in order to preserve their own rights, to maximize individual recovery, and to represent all injured Chinese citizens. In the United States, it is the role of class action attorneys to ensure that injured investors recover as much of their money as possible. See a summary of US securities law at http://www.frankandbianco.com/lawyer-attorney-1820189.html
Frank & Bianco LLP’s attorneys are highly experienced and have been very successful in class actions alleging securities law violations, fraud, and breach of contract. For a summary of our qualifications, see http://www.frankandbianco.com/lawyer-attorney-1820193.html. Reid & Wise LLC’s attorneys and professionals are skillful at cross-border litigation, securities litigation, and EB5 project investigations. See www. reidwise.com.
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