$150 Million Settlement Reached to Reimburse Jay Peak and Burke Mountain Creditors

Represents largest-ever recovery for an EB-5 fraud case, and will reimburse unpaid contractors, trade creditors and investors in EB-5 projects tied to alleged fraud in Vermont’s Northeast Kingdom

Montpelier, Vt. – Governor Phil Scott, Vermont Department of Financial Regulation (VDFR) Commissioner Michael Pieciak and Jay Peak Receiver Michael Goldberg today announced a $150 million settlement agreement with financial firm Raymond James Financial, Inc., over its role in the alleged fraud relating to EB-5 projects in Vermont’s Northeast Kingdom.

The Role of State Financial Regulators

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No Survey by DFR Banking Division

No SurveyThe Vermont Department of Financial Regulation is not conducting any surveys of any kind at this time.
We have received another report of someone conducting a telephone survey, this time claiming to represent DFR’s Banking Division. The caller was a man with an accent and caller ID shows the originating phone number as 802-325-5834.

DFR misrepresented in phone survey

The Vermont Department of Financial Regulation is not conducting any surveys of any kind at this time.
DFR has received reports of someone conducting a telephone survey claiming to represent DFR’s Insurance Division.
The caller is a woman with an accent who states her affiliation as the “State of Vermont Insurance Division” and caller ID shows the originating phone number as 802-321-8055.

Christina Rouleau named deputy commissioner of the Insurance Division

Christina Rouleau
Christina Rouleau
Deputy Commissioner

DFR Commissioner Michael S. Pieciak named Christina Rouleau the new deputy commissioner of the Insurance Division.
Read more: http://www.dfr.vermont.gov/press-release/christina-rouleau-lead-dfr-insu...

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