Raymond James to Pay $150M to Settle Jay Peak Investor Claims
The settlement fund will help complete construction projects to secure investors' immigration status.
April 14, 2017 at 01:00 AM
4 minute read
Raymond James Financial Inc. agreed to pay $150 million to settle a Miami federal class action brought by more than 850 EB-5 investors in the Jay Peak project.
The St. Petersburg-based financial services company faced claims that it aided and abetted the misuse of $200 million in funds invested through the EB-5 visa program, which helps foreigners obtain U.S. residency in exchange for a $500,000 investment in a job-creating enterprise.
The money was supposed to fund the expansion of Vermont's Jay Peak ski resort and related projects, but it was diverted by resort owner Ariel Quiros of Key Biscayne and his Vermont business partner Bill Stenger, according to Securities and Exchange Commission allegations. Because the projects weren't completed, investors feared losing their green cards.
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