Thursday, October 23, 2008

IL Sec of State Investigating Sunrise Equities Scandal

It's about time. Chicago investment firm, Sunrise Equities, shut their doors back in mid-August, leaving investors confused, worried and angry. Salman Ibrahim, CEO, and other officers vanished. They left Chicago - and probably the US - with about $80 million of investors' money. Most investors have been totally destroyed by the scandal, and now, finally, two months later, the "Illinois Secretary of State's office filed a temporary order of prohibition against the missing CEO and president of a shariah-compliant investment firm."

That's according to a report, out moments ago on the Chicago Journal web site (10 pm, Chicago, Oct. 22). It continues:

"A spokesman for Jesse White's office said state investigators have gathered sufficient evidence to believe there was a violation of securities law."

"Sufficient evidence," they say, casually. How about this for sufficient evidence: CEO and top officers vanish; doors locked; phone calls not being returned; investors not getting scheduled check. What the hell was the State of Illinois waiting for?

Let me veer onto a side street for a moment. Perhaps the Illinois Secretary of State was afraid of being called a religious bigot for going after a Muslim company. I'm being sarcastic, of course, but believe it or not, there really are lunatics out there who accuse me and other writers who are covering this of targeting Sunrise Equities. The Bench, and others writing about it, have noted that the investors - most of whom are Muslim - have been violated. We believe and hope that they get relief and justice. This is a case of Muslims being screwed by fellow Muslims. How, then, is it bigoted to simply report that?

Chicago Journal continues:

"Investors noticed something awry when they stopped receiving monthly disbursement checks from the investment firm in August. The firm's corporate officers and employees also stopped returning investors' calls, which investors said was highly unusual."

Sure, but not "unusual" enough, apparently, for the State of Illinois to jump on right away.

"The temporary order names Sunrise Equities Inc. and Sunrise Management II. The firm also did business as the Sunrise Development Group and Sunrise Development Inc., with addresses at 6355 N. Claremont, 1000 W. Monroe and 1023 W. Madison.

"In addition to Ibrahim, the order lists company founders Amjed Mahmood, of Des Plaines, and physician Mohammed Akbar Zahid, of Chicago. Both appear on the company's Web site as the senior vice presidents of construction and community relations, respectively.
Saquib Anwar, also named as a "respondent," is listed as an employee and sales agent of Sunrise.

"The temporary order alleges that Ibrahim and others failed to register securities and committed fraud in the sale of securities."

The Chicago Journal also noted that, "No one has seen or heard from Salman Ibrahim, the president and CEO of Sunrise Equities since August. Salman, whose last known address is the 5600 block of W. Eddy, has been accused of allegedly bilking hundreds of investors from West Ridge's Indian-Pakistani community and from around the world. Investors' losses are estimated between $50 million and $80 million."

More results from Rogers Park in 1000 words
Obama’s Muslim “outreach” problems. Coincidental? Get real!
Obama and the Sunrise Equities Failure: Sharia Firm Scandal
So necessary to read, I am posting this article again-OBAMA linked ...
Obama and the Sunrise Equities Failure: Sharia Firm Scandal
$15.5 Million Foreclosure Lawsuit on an Uptown Development Site
Cole Taylor files foreclosure suit over Uptown development
The Irish Suing to Recover Deposits


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