September 25th, 2008
The Illinois Secretary of State has issued an order against Sunrise Equities and its subsidiaries, charging the company with fraud and failure to register securities, and preventing the company or any of its officers or employees from offering or selling any more investments.
“Lakeshore Law Group LLP is actively working with state authorities to provide them the information necessary to impose prompt limits on Sunrise and its assets, and to ensure that all of the company’s activities are thoroughly investigated,” said firm partner Nizam Arain.
“We are encouraged by this prompt move by the Illinois Secretary of State, but all investors still need to remain involved in the bankruptcy process which was recently initiated,” said firm partner Salman Azam. “Each investor’s claim must be filed with the Bankruptcy Court in order to ensure a fair share of whatever compensation is obtained.”
“In addition to these investor’s filing a claim with the Bankruptcy Court, it is the immediate involvement, attention and support of authorities like the Illinois Secretary of State where the investor’s have another avenue where their voices of injustice will be heard,” said firm partner Rozina Gilani-Salim.
A copy of the Illinois Secretary of State’s order can be downloaded by clicking
here.
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September 15th, 2008
On Monday, September 15, 2008, Lakeshore Law Group LLP filed an involuntary bankruptcy petition against Sunrise Equities Inc., a real estate development firm in Chicago, Illinois.
Sunrise Equities had recruited hundreds of investors over the past five years, many of whom were from the South Asian community, to invest in real estate developments in Chicago. “Many of these investors were encouraged to put their life savings and home equity at risk, and were promised a monthly income stream,” said Salman Azam, a partner in Lakeshore Law Group LLP. Over the past few months, it became apparent to investors that Sunrise was unable to make good on its obligations to pay back investors, many of whom stand to lose their homes and life savings in the debacle.
“By filing this involuntary bankruptcy petition, we intend to halt any attempt by Sunrise Equities insiders to improperly transfer the company’s assets, prevent any further fraud upon the victims, and initiate an investigative process that will open up the company’s books,” said Nizam Arain, a partner in Lakeshore Law Group LLP. “This is just the first step in the process. Whether the company’s assets will be sufficient to compensate the investors remains to be seen, but all investors need to file a proof of claim with the court in order to preserve their claim on whatever assets might be recovered.”
“Here at Lakeshore we strive daily to bring justice for the Community,” said Rozina Gilani, partner in Lakeshore Law Group LLP. “Serving as the attorneys for the victims of Sunrise Equities, we are privileged to be in a direct position to ensure that the members of this community take the proper legal action, and to devote our expertise to see that justice is done.”
All investors seeking further information are encouraged to contact Lakeshore Law Group at (312) 321-6531, or send us an email.
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September 12th, 2008
Welcome to our updated website. We hope our new design enables you to find the information you’re looking for regarding our firm and the services we provide. Please check back for news about our firm and legal developments affecting our clients.
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