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EB-5 developer's attorney may face sanctions for not properly vetting investor-settlement loan

The Carillon Tower project in Chicago, which was never built, resulted in a 2020 court settlement to repay EB-5 investors. In 2021, the attorney for the developers assured the court that a loan had been procured, but the loan turned out to be illegitimate and the investors were never paid. A federal judge says that the developer's attorney, Daniel G. Hildebrand, "buried his head in the sand" despite many red flags and chose not to confirm the legitimacy of the loan.

Law360 article (subscription required)

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