SEC says it charges lawyer with stealing investor money in EB-5 offerings

(Source: Reuters) The U.S. Securities and Exchange Commission charged a California lawyer on Tuesday with defrauding people who signed up for an immigrant investor program aimed at creating jobs for Americans.

Emilio Francisco raised $72 million from investors in China, the SEC said in a statement. He and his marketing firm, 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," it said. Details can be found at  http://www.reuters.com/

News release from SEC: https://www.sec.gov/news/pressrelease/2016-281.html