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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.
The EB-5 immigrant investor program allows foreigners to apply
to permanently live and work in the states by investing money in
certain projects that create U.S. jobs, it said.
(Reporting by Doina Chiacu; Editing by David Gregorio)
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