According to Law360, an Idaho man has agreed to pay the federal government nearly $8 million for allegedly misappropriating money from Chinese investors for personal use instead of investing it in the EB-5 immigrant investor program.

Serofim Muroff and his companies have agreed to pay disgorgement of $5,062,082 plus interest totaling $865,270 and a $2 million penalty, the agency said in a press release. Muroff is CEO of Blackhawk Manager and the Idaho State Regional Center and principal of ISR Capital and Equity Recap.

The SEC alleges Muroff raised more than $140.5 million in offerings to Chinese investors through Blackhawk Manager and ISR Capital with the intention of buying and developing luxury real estate in McCall, Idaho, and investing in gold mining ventures in Idaho and Montana.