Saturday, March 18, 2017

Caffe Primo Closed Amid Fraud Charges

(Source: Santa Barbara Independent) Court records show that Caffe Primo, which in October 2015 moved into the lower State Street space formerly occupied by the Pierre LaFond Wine Bistro, closed this January immediately after a federal judge froze the assets of CEO Emilio Francisco amid fraud charges filed by the Securities and Exchange Commission. The judge cited “extensive, thorough and compelling evidence” presented by the SEC that Francisco improperly spent at least $9.5 million of investor money on a yacht, a yacht-club membership, his other businesses, and credit cards belonging to him, his brother, and his daughter. In addition to the Santa Barbara restaurant, at least three other Southern California locations operated by the Los Angeles–based Caffe Primo chain have closed as a result of the charges. See story at http://www.independent.com/

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