U.S. District Judge Darrin Gayles approved a $150 million settlement to benefit immigrant investors.
July 03, 2017 at 11:00 AM
1 minute read
U.S. District Judge Darrin Gayles gave final approval to a $150 million settlement from Raymond James Inc., allowing a receiver to start paying back victims of the Jay Peak investor fraud.
Friday’s order benefits immigrant investors who put funds into a Vermont ski resort and surrounding projects in an effort to secure a green card by creating jobs through the EB-5 investment program. Instead, the funds were misused by Jay Peak’s owners, the Securities and Exchange Commission claims.
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