VT reaches $5.95 million settlement with Raymond James
The Vermont Department of Regulation has reached a settlement with Raymond James and Associates, Inc., in connection with the EB-5 scandal in the Northeast Kingdom.
Susan Donegan, commissioner of the Department of Financial Regulation, said in a statement she was pleased with the settlement because it recovers some of the EB-5 investors' money. The federal program allows foreign nationals who invest $500,000 in a depressed region of the country to receive green cards if a required number of jobs are created by the project they invest in.
"Since the seizure of the Jay Peak-related EB-5 projects, investors have been rightly concerned about possible recovery of funds," Donegan said. "This settlement contributes to their restitution."
The agreement provides for the payment of $4.5 million to the appointed federal receiver responsible for Jay Peak and its related EB-5 projects for the purpose of reimbursing possible claims by investors. The settlement also provides for $200,000 to be paid to the Department of Financial Regulation for the cost of its investigation and $1.25 million paid to Vermont's general fund as an administrative penalty.
Federal authorities seized Jay Peak, Burke Mountain and related EB-5 projects in April after investigations by the U.S. Securities and Exchange Commission and the Department of Financial Regulation resulted in allegations of a massive fraud by Stenger and Quiros. The agencies allege that Quiros misappropriated some $200 million of EB-5 investors' money, including about $50 million for his own personal uses.
- Vermont EB5 Regional Center
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Ariel Quiros
- Bill Stenger
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
Subscribe for News
Join Professionals on EB5Projects.com →
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.