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Former South Side home flipper bilked foreign investors out of millions: SEC
Federal authorities say George Slowinski promised eye-popping returns to 600 investors, mostly from Singapore and Malaysia
The Securities and Exchange Commission is suing a former South Side home flipper, claiming he defrauded foreign investors of millions they had sunk into his company.
George Slowinski illegally diverted more than a third of the nearly $21 million he raised from some 600 investors, mostly from Singapore and Malaysia, the Chicago Sun-Times reported, according to the lawsuit.
The SEC said Slowinski was operating a company called Rebuilding America in 2013 and 2014, when he promised the investors a 38 percent return and said they’d get their principal back in two years. Instead, he diverted millions in investor cash for payroll and cost overruns on other projects, according to the Sun-Times.
Slowinski formerly lived in suburban Homer Glen and operated other companies, including G-Slow Real Estate Team and G-Slow Construction Services. Rebuilding America, based in suburban Frankfort, had its charter dissolved in 2017.
The suit alleges Slowinski received help from London-based Project Kudos Group Limited and Singapore-based Infinity Treasures Private Limited. [Chicago Sun-Times] — John O’Brien