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Firm To Pay Vermont $5.9M Related To Fraud Probe

Vermont financial regulators say they have reached a nearly $6 million settlement with a financial firm related to a fraud investigation of real estate developments at two northern Vermont ski resorts.
The Department of Financial Regulation said Thursday it found that Raymond James and Associates committed multiple instances of non-compliance with supervisory requirements and that the activity originated from the Miami branch of the firm.

Miami businessman Ariel Quiros, owner of Burke Mountain and Jay Peak ski resorts, and Bill Stenger, Jay Peak's president, are accused of misusing about $200 million from foreign investors through a visa program. Both men have said they'll be cleared of any wrongdoing.

The agreement says $4.5 million will go toward reimbursing possible claims by investors.

Raymond James says it's pleased a settlement was reached.

Copyright 2016 The Associated Press. All rights reserved.

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