December 27, 2016

The SEC charged California-based attorney Emilio Francisco with defrauding investors seeking to participate in the EB-5 immigrant investor program.  The SEC alleges that Francisco 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.  According to the SEC’s complaint, 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 business and luxury lifestyle.  SEC

Tagged in: Financial and Investment Fraud, Visa Fraud,