ChicagoDowntown / Loop

From Yo’s archives – before the sun set on Sunrise’s Ponzi scheme

by Joe Zekas on 1/4/12

Five years ago our staff was breathlessly writing the following:

Community is key at Pure, a 13-story high-rise slated for construction at 24 S Morgan St in the West Loop. Salman Ibrahim and Fawad Butt, chief officers of developer Sunrise Development Group, aim to bring the residents of the 75-unit building together by means both old and new.

A little less than four years later a federal grand jury concluded that Pure’s developers had operated a Ponzi scheme and engaged in bank fraud. We reported that and also noted that the developers had been involved in several other projects before disappearing from the scene.

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