SENTENCING OF DEFENDANT IN FIRST EB-5 SECURITIES FRAUD PROSECUTION NOW SET FOR JANUARY 12, 2017
UPDATE: After more than two years, the end is in sight for the $160 Million EB-5 securities fraud indictment brought by the US Attorney in Chicago in the widely-publicized “Chicago Convention Center securities fraud prosecution” case (United States v. Anshoo Sethi, Case No. 1:14-cr-00485, U.S. District Court for the Northern District of Illinois; see https://www.pacer.gov ). However, its conclusion has now been delayed into the New Year.
On January 12, 2016, the Defendant pleaded guilty to the securities fraud count of the indictment. The court (Judge John Z. Lee presiding) had originally set the Defendant’s sentencing hearing for December 1, 2016. Defendant’s Sentencing Memorandum filed for that hearing on November 11, 2016 argued for a sentence including no imprisonment. In rebuttal, the U.S. government’s Sentencing Memorandum entered on November 23 countered, arguing for a sentence of between 78 and 97 months’ imprisonment (6-1/2 to 8 years’), accompanied by additional sanctions.
At a pre-sentencing hearing held on November 29, Judge Lee granted the Defendant’s unopposed motion to reschedule the sentencing hearing. Now, the sentencing hearing is presently set for the one-year anniversary of the entry of the Defendant’s guilty plea, January 12, 2017, at 10:30 a.m.
by Michael G. Homeier, a co-founder of Homeier Law PC