Updated: Raymond James Settles With State For $5.95M In EB-5 Case
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The state has reached a $5.95 million settlement with Raymond James and Associates Inc., a securities broker-dealer based in Florida with branches in Vermont.
Of that amount, $4.5 million will be used to reimburse investors who lost money in the Jay Peak scandal involving the EB-5 visa program.
Susan Donegan, the commissioner of the Vermont Department of Financial Regulation, made the announcement Thursday. The department found “multiple instances of noncompliance” with Vermont law and supervisory requirements, according to a news release.
“DFR’s responsibility is to ensure that Vermont’s securities laws are followed and that investors are protected,” Donegan said. “Since the SEC’s seizure of the Jay Peak-related EB-5 projects, investors have been rightly concerned about possible recovery of funds. This settlement contributes to their restitution.”
Raymond James did not admit or deny the department’s allegations but agreed to the payout and the terms of the administrative consent order that is part of the settlement.