Jason Buback


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Fraud battle over Chicago EB-5 project drags on; investor legal team claims tens of millions diverted to hidden accounts

Apr 17th, 2023

Investors in a 60-story condo-hotel project in Chicago that was never built continue to fight the developers, Jason Wei Ding and Jeffrey Laytin. While the pair agreed in 2020 to repay most of the investors, payments have not been made. The developers claim they are broke, but lawyers for investors argue that "tens of millions had been shifted through opaque title companies or into an offshore British Virgin Island wealth fund." The developers face a similar lawsuit from different Chinese EB-5 investors over an unbuilt Hawaii project.

Crain’s Chicago Business article (subscription required)

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