Politics & Government
Judge: Hotel Developers Schemed to Bring Foreigners to US Through EB-5
A federal judge halted a massive hotel project on Higgins Road, just across the street from Park Ridge, earlier this week.
EB-5 is a visa program that allows foreigners to gain US citizenship through investment projects.
According to an article in the Sun-Times, a federal judge has ceased development of a massive hotel and convention center on Park Ridge’s border, on the Chicago side of Higgins Road in the 8200 block.
The complaint states that the developers attempted to defraud some 250 Chinese investors by promising them US citizenship with EB-5. The SEC filed a complaint against Chicago-based developer Intercontinental Regional Center Trust of Chicago, LLC and the Chicago Convention Center, LLC, the Sun-Times reported.
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According to the publication, the aforementioned companies “used false and misleading information to solicit investors in the purported hotel and conference center project.”
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