Raymond James Financial Inc. said Friday that it will pay $150 million as part of a settlement of all investor claims related to the Jay Peak EB-5 visa matter, subject to court approval. The settlement is related to an alleged fraudulent EB-5 U.S. government visa program, created by third parties in 2007, and offered to foreign investors, in which the foreign investors and their immediate families could obtain permanent residency green cards by making a capital investment in a U.S. business. “Raymond James did not act as placement agent or in any other capacity for the program and none of the investors in the program purchased their investments through Raymond James,” the company said in a statement released overnight. “A Raymond James financial advisor for the brokerage accounts of the related investment partnerships is no longer employed by the firm.” Raymond James’ stock has gained 4.8% year to date through Thursday, while the SPDR Financial Select Sector ETF has lost 1.5% and the S&P 500 has gained 4%.
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