Jay Peak Investors' Settlement With Raymond James Approved
U.S. District Judge Darrin Gayles approved a $150 million settlement to benefit immigrant investors.
July 03, 2017 at 11:00 AM
2 minute read
U.S. District Judge Darrin Gayles gave final approval to a $150 million settlement from Raymond James Inc., allowing a receiver to start paying back victims of the Jay Peak investor fraud.
Friday's order benefits immigrant investors who put funds into a Vermont ski resort and surrounding projects in an effort to secure a green card by creating jobs through the EB-5 investment program. Instead, the funds were misused by Jay Peak's owners, the Securities and Exchange Commission claims.
By July 19, receiver Michael Goldberg of Akerman in Fort Lauderdale will have $91 million to distribute, including $67 million for those who invested in a biomedical facility that won't be completed. Nearly $20 million will go to construction of the Stateside Hotel, and the remaining funds will pay debts owed to suppliers for two hotel projects.
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