Tuesday, November 21, 2017
Business

Raymond James reaches $150 million settlement over failed ski resort project

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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.

Previous coverage: Raymond James fights back in $350M Vermont fraud case

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.

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