State regulators are investigating a development firm suspected of bilking hundreds of Muslim investors.
State regulators are investigating a development firm suspected of bilking hundreds of Muslim investors. The Illinois Secretary of State’s Securities Department this week placed a temporary order of prohibition on Sunrise Equities, Inc. Salman Azam is an attorney representing investors. He says Sunrise’s CEO, Salman Ibrahim, persuaded about 200 Muslims to put their life savings toward real estate projects throughout Chicago. Ibrahim then disappeared in August. Azam said investors have been unable to collect as much as $50 million. Ibrahim was a well-known member of the South Asian community. Religious leaders endorsed the company as conforming to Shariah, or Islamic law, by offering profits in lump sums instead of interest. AP ______ Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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