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Did Chicago developer know a loan to pay settlement to EB-5 investors was a scam?

EB-5 News

Date

Jul 5th, 2022

Category

Legal Drama

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Jason Buback

Editor of Green Card By Investment

Green Card By Investment

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The developer behind a $49 million Chicago tower project that was never built appeared to secure a loan to pay a $1.5 million investor settlement. But the loan appears to be fake. A court is now asking if the developer acted in good faith or was part of the scam. An investigator declared the developer likely knew as of August 2021 that the loan’s legitimacy was questionable.

See the Law360 article (subscription required)

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