{"id":6010,"date":"2016-06-30T00:00:00","date_gmt":"2016-06-30T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/06\/raymond_james_sued_over_350m_d"},"modified":"2022-05-18T15:36:21","modified_gmt":"2022-05-18T20:36:21","slug":"raymond-james-sued-over-350m-d","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/raymond-james-sued-over-350m-d\/","title":{"rendered":"Raymond James Sued Over $350M Development Fraud, Settles with Vermont for $5.95M"},"content":{"rendered":"

A receiver appointed by the U.S. Securities and Exchange Commission has filed a lawsuit against Raymond James Financial Inc. (RJF)<\/a> over its alleged involvement in a $350M development fraud. The case stems from a complaint that the regulator filed earlier this year against William Stenger and Ariel Quiros. Along with their companies, the two of them are accused of making omissions and false statements when raising funds from foreign investors to supposedly build a biomedical research facility and ski resort facilities.<\/p>\n

Raymond James and its employees are not defendants in that lawsuit. However, the firm is mentioned in the complaint to have received wire transfers starting in 2008 from a Vermont bank. The money went to brokerage accounts at Raymond James and they were in Quiros\u2019s name. The funds were from investors and intended for the Peak resort in Vermont.<\/p>\n

Quiros went on to borrow against the money in his Raymond James accounts that included high interest margin loans. He purportedly used investor money to pay almost $2.5M in margin interest loans to Raymond James.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A receiver appointed by the U.S. Securities and Exchange Commission has filed a lawsuit against Raymond James Financial Inc. (RJF) over its alleged involvement in a $350M development fraud. The case stems from a complaint that the regulator filed earlier this year against William Stenger and Ariel Quiros. Along with their companies, the two of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3758],"tags":[],"class_list":["post-6010","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-raymond-james"],"yoast_head":"\nRaymond James Sued Over $350M Development Fraud, Settles with Vermont for $5.95M — Investor Lawyers Blog — June 30, 2016<\/title>\n<meta name=\"description\" content=\"A receiver appointed by the U.S. Securities and Exchange Commission has filed a lawsuit against Raymond James Financial Inc. 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