According to reports, Raymond James Financial Inc. has reached a $5.95 million settlement with Vermont’s department of financial regulation over compliance violations tied to real-estate development projects at ski resort Jay Peak.
The brokerage firm reportedly agreed to pay $4.5 million to a federal receiver that will return money to foreign investors who backed the projects under a green card program. The firm will also purportedly pay $1.25 million to Vermont’s general fund and $200,000 to reimburse the state regulator for the cost of its investigation.
In April, the Securities and Exchange Commission announced fraud charges and an asset freeze against Jay Peak and related businesses for allegedly misusing millions of dollars raised through investments solicited under the EB-5 Immigrant Investor Program.
The activity associated with the fine allegedly originated from a Miami branch office of Raymond James.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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