$147 Million Will Be|Repaid, SEC Says

CHICAGO (CN) - Investors will be repaid the $147 million they gave Anshoo Sethi for his fraudulent securities offerings about immigration relief and a supposed hotel near O'Hare Airport, the SEC said Tuesday.

Sethi and his two companies also misled Chinese investors about qualifying for immigration to the United States by giving him money for his companies, A Chicago Convention Center LLC and Intercontinental Center Trust of Chicago, the SEC said.

In its federal lawsuit in February, the SEC claimed Sethi also skimmed $11 million in so-called "administrative fees" from his suckers.

Sethi, 29, is a resident of Illinois.

The SEC said in a statement that it obtained an emergency court order freezing his assets and he agreed to return "all of the funds held in escrow."

It said a federal judge has modified the order and ordered Sethi to return the entire $147 million.

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