pkpatriotic
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Chicago company swindled Muslims
CHICAGO, State regulators say they are investigating a development firm suspected of bilking Muslim investors, many from an Indian and Pakistani neighborhood, out of as much as $50 million.
The Illinois Secretary of States Securities Department this week issued a temporary order preventing anyone from buying or selling assets of Sunrise Equities Inc., a Chicago-based real estate development firm whose CEO disappeared last month.
Salman Ibrahim allegedly persuaded up to 200 investors, many from a large Indian and Pakistani neighborhood on the citys North Side, to invest their savings or mortgage their homes to help fund real estate ventures.
Some investors suspect that Ibrahim, who was a well-known member of Chicagos South Asian community, has returned to Pakistan. Many fear they have lost their lifes savings.
Securities Department Director Tanya Solov said investigators may work with Illinois Attorney General Lisa Madigan or the US Attorneys office to pursue criminal charges.
She said the company appears to have used Ibrahims position in the community to specifically target Muslims.
The victims have something in common with the perpetrators so theres tremendous trust, she said. We dont get notified until they dont get paid, the offices are shut down and the perpetrators cant be located.
Ms Solov said Ibrahim gave investors unsecured promissory notes that his company wasnt licensed to issue. The notes dont provide collateral and, with Ibrahim gone, are impossible to collect on.
The company, Ms Solov, said doesnt have a lawyer. No one answered at a number listed for Ibrahims last known residence. Messages left at the home of Sunrise senior vice-president Amjed Mahmood werent returned. A number for senior vice-president Mohammad Akbar Zahid couldnt be located.
Salman Azam, an attorney representing the investors, last week filed a petition for involuntary bankruptcy against Sunrise to freeze the companys assets and hold them for investors. The states action speeds up that process, he said.
I think that this is the best thing that couldve happened, Mr Azam said. It brings some relief to the investors.AP
CHICAGO, State regulators say they are investigating a development firm suspected of bilking Muslim investors, many from an Indian and Pakistani neighborhood, out of as much as $50 million.
The Illinois Secretary of States Securities Department this week issued a temporary order preventing anyone from buying or selling assets of Sunrise Equities Inc., a Chicago-based real estate development firm whose CEO disappeared last month.
Salman Ibrahim allegedly persuaded up to 200 investors, many from a large Indian and Pakistani neighborhood on the citys North Side, to invest their savings or mortgage their homes to help fund real estate ventures.
Some investors suspect that Ibrahim, who was a well-known member of Chicagos South Asian community, has returned to Pakistan. Many fear they have lost their lifes savings.
Securities Department Director Tanya Solov said investigators may work with Illinois Attorney General Lisa Madigan or the US Attorneys office to pursue criminal charges.
She said the company appears to have used Ibrahims position in the community to specifically target Muslims.
The victims have something in common with the perpetrators so theres tremendous trust, she said. We dont get notified until they dont get paid, the offices are shut down and the perpetrators cant be located.
Ms Solov said Ibrahim gave investors unsecured promissory notes that his company wasnt licensed to issue. The notes dont provide collateral and, with Ibrahim gone, are impossible to collect on.
The company, Ms Solov, said doesnt have a lawyer. No one answered at a number listed for Ibrahims last known residence. Messages left at the home of Sunrise senior vice-president Amjed Mahmood werent returned. A number for senior vice-president Mohammad Akbar Zahid couldnt be located.
Salman Azam, an attorney representing the investors, last week filed a petition for involuntary bankruptcy against Sunrise to freeze the companys assets and hold them for investors. The states action speeds up that process, he said.
I think that this is the best thing that couldve happened, Mr Azam said. It brings some relief to the investors.AP