WASHINGTON Dec 27 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
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)