Investors Slam Raymond James In $400M Jay Peak EB-5 Suit

Law360, Miami (October 6, 2016, 10:06 PM EDT) — EB-5 visa program investors suing the owner of Vermont ski resort Jay Peak over allegedly misused and stolen funds urged a Florida federal court Thursday not to dismiss claims against financial services company Raymond James & Associates Inc., saying the company knew the Jay Peak owner had no authority to use investor funds as he did.

The investors pursuing the proposed class action said in a response that the company and Joel Burstein, a Raymond branch manager, were “active and culpable participants” in an alleged Ponzi…

Source: Law360