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Lawyer Stole Investor Money in EB-5 Immigrant Offerings - SEC
The SEC today charged Emilio Francisco, a California-based attorney with defrauding investors seeking to participate in the EB-5 immigrant investor program, stealing their money to buy a yacht and prop up his other businesses.
Francisco allegedly raised $72 million from investors in China solicited through his marketing firm PDC Capital to invest in EB-5 projects that included opening Caffe Primo restaurants, developing assisted living facilities, and renovating a production facility for environmentally friendly agriculture and cleaning products. Under the EB-5 program, foreign investors can apply to permanently live and work in the U.S. by investing money in certain projects that bring about American jobs.
However, the SEC charges that Francisco and PDC Capital diverted investor funds from one project to another and outright stole at least $9.6 million that was used to finance Francisco’s own businesses and luxury lifestyle.
The SEC’s complaint charges Francisco, PDC Capital, and 20 other Francisco-controlled businesses with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC is seeking an emergency asset freeze and a court-appointed receiver over Francisco’s businesses involved in the schemes.
