The Securities and Exchange Commission charged a businessman and a California-based attorney with defrauding investors seeking to participate in the EB-5 immigrant investor program, stealing their money to fund personal expenses.
The SEC’s complaint alleges that Robert A. Ferrante and attorney Marilyn R. Thomassen participated in a fraudulent scheme with PDC Capital Group and its principal, Emilio Francisco, to defraud at least 135 investors out of $9.5 million using 19 different EB-5 offerings made primarily to investors in China.
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