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Raymond James to pay $150M to resolve fraud scheme

Jaclyn Jaeger | April 17, 2017

Raymond James Financial, a financial services company, has reached a $150 million settlement to resolve all investor claims that the firm engaged in a fraudulent scheme related to the federal EB-5 visa program, a U.S. government visa program through which foreign investors and their immediate families can obtain permanent residency green cards by making a capital investment in a U.S. business.

“We believe this resolution is fair and representative of our commitment to redressing the victims’ losses in this case,” Raymond James General Counsel Jonathan Santelli said in a statement. The settlement, reached April 13, must still be approved by the U.S. District Court for the Southern District of Florida.

In April 2016, the SEC...

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