Post by Logan on Jul 4, 2016 5:49:45 GMT -6
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.
Raymond James has agreed to pay the state $5.95 million for violations of securities laws by Jay Peak principals Bill Stenger and Ariel Quiros through a Miami branch office of Raymond James.
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."
Read more: www.burlingtonfreepress.com/story/money/2016/06/30/vt-reaches-595-million-settlement-raymond-james/86550308/
Raymond James has agreed to pay the state $5.95 million for violations of securities laws by Jay Peak principals Bill Stenger and Ariel Quiros through a Miami branch office of Raymond James.
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."
Read more: www.burlingtonfreepress.com/story/money/2016/06/30/vt-reaches-595-million-settlement-raymond-james/86550308/