ST. PETERSBURG — St. Petersburg investment firm Raymond James Financial said Thursday that it has reached a $150 million settlement with investors who brought claims against the firm over a failed $350 million ski resort and real estate project known as Jay Peak in northern Vermont.
The allegations were tied to the Miami branch of Raymond James.
The settlement relates to an alleged fraudulent EB-5 investment program created in 2007 by third parties and offered directly to foreign investors. EB-5 is a U.S. government visa program through which foreign investors and families can obtain permanent residency green cards by making a capital investment in a U.S. business.
Investors had accused Raymond James of negligent supervision, common law fraud, unjust enrichment, fraudulent transfers and breach of fiduciary duty, among other claims.