(Image source from: Chicago's Anshoo Sethi settles immigration scam case with $15 million})

Chicago-based businessman Anshoo R. Sethi has settled the immigration scam case with almost $15 million, along with two other organizations found guilty. Sethi, 29, was charged with being the brain behind the scam that brought him illicit profits amounting to millions of dollars.

The settlement to the case was made with the Securities and Exchange Commission (SEC).

Last week an agreement was made wherein an amount of more than $11.5 million would be jointly paid by A Chicago Convention Center, LLC (ACCC), and Intercontinental Regional Trust of Chicago, LLC (IRCTC) for losses incured, according to SEC press release issued recently.

Besides, Sethi has to pay an additional $1 million civil penalty. And the civil penalty for ACCC and IRCTC will amount to $1.45 million each.

The terms of the settlement also restricts Sethi, ACCC, IRCTC to offer or sell securities issued by the three defendents or issued by any entity owned or controlled by Sethi for a period of 20 years. Besides, ACCC and IRCTC has been directed to “wind up and dissolve” after fulfilling the financial settlement.

According to the original complaint ACCC and IRCTC are the “alter egos” of Sethi. Officially Sethi is the managing director of ACCC as well as IRCTC.

The whistleblower would be rewarded with $14 million (10% of $140 million, the total amount involved in the scam) for bringing the case to the notice of SEC.

(Picture Source: talkradionews.com)

(AW: Pratima Tigga)