Raymond James, which has a major office in Toronto, is now facing two related class action lawsuits.
It has been alleged that the company, and associated parties, deceived investors in relation to a number of transactions and assets linked to EB-5 immigrant visa investor projects in Vermont, according to a Law360 report.
A complaint has been filed with the US District Court in which a group led by Carlos Enrique Hiller Sanchez, seeks to recoup $71.5 million from the firm and fund manager Joel Burstein.
The law website reports that the suit follows similar action taken last week by another investor, named Alexandre Daccache. Daccache is a Brazilian national who claims that more than $350 million invested into the EB-5 program never reached target investments and was instead paid into other projects and the pocket of co-defendantAriel Quiros, the owner of a ski resort in Vermont.