Receiver Announces $150 Million Settlement for Jay Peak and Burke
The funds will be used to pay investors, contractors, and lawyers.
Thursday, April 13, 2017,

Jay Peak, April 2017

In a settlement announced today, government appointed receiver Michael Goldberg announced Raymond James & Associates will pay an additional $145.5 million for its role in the alleged Jay Peak EB-5 Ponzi scheme. Raymond James previously paid the receiver $4.5 million in 2016.

Exactly one year ago, the Securities and Exchange Commission raided Jay Peak and Q Burke, claiming owners Ariel Quiros and Bill Stenger ran a Ponzi-like scheme that defrauded EB-5 investors to the tune of $200 million.

Pending court approval, Raymond James will transfer the settlement funds to the receivership in multiple transactions. In exchange for the payment, the receivership agrees not to pursue its case against Raymond James & Associates or Raymond James employee Joel Burstein. Burstein, the former son in law of Quiros, was alleged to have facilitated the transfer of funds in the alleged Ponzi scheme.

Much of the $150 million will be used to refund investors, pay contractors, and complete construction projects. $25 million has been earmarked for the attorneys in the case.

To date, no criminal charges have been filed. In September of last year, the SEC announced a settlement with Bill Stenger. Stenger is now a consultant to the receiver and has been seen at both Jay Peak and Burke. Quiros continues to fight the SEC charges, recently hiring a new legal team.

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