Chinese and local investors filed a class action lawsuit this week claiming an investment firm that targeted them through Chinese-language media and investment seminars for oil exploration instead used some of the money to buy a luxury home in Fremont and other personal expenses.
They're seeking damages from Luca International Group LLC, which describes itself as an "upstream energy company" on its website.
Among Luca's investors were hopeful immigrants who were investing money through the federal EB 5 visa program, which gives foreigners legal status if they invest at least $500,000 locally and the money creates at least 10 jobs.
In a sales pitch at Luca's San Gabriel office, one plaintiff was allegedly pitched "a 100 percent return on her investment within three to four years."
According to the suit, it raised $68 million from investors.
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