Raymond James and Associations

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Raymond James settles with Vermont for $5.95 million

MONTPELIER — The state has reached a $5.95 million settlement with Raymond James and Associates in connection with a massive EB-5 fraud case in the Northeast Kingdom. Department of Financial Regulation Commissioner Susan Donegan announced the settlement with the financial firm Thursday, noting the department found “multiple instances of non-compliance with supervisory requirements and Vermont law.”

“DFR’s responsibility is to ensure that Vermont’s securities laws are followed, and that investors are protected,” Donegan said in a release. “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.”

The settlement follows an investigation and the filing of fraud charges in April against Bill Stenger and Ariel Quiros, the principals of several development projects, including Jay Peak, using the federal foreign investor program. Quiros and Stenger are accused by both the federal Securities and Exchange Commission and the state of misusing about $200 million of the $350 million they raised from foreign investors in $500,000 increments. Continue Reading →

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