Lawsuit Filed Against Raymond James Financial Over Jay Peak Resorts

There has been a lawsuit filed by an investor in a hotel at Jay Peak Vermont against Raymond James Financial in Miami Federal Court.
The plaintiff alleges that Raymond James Financial aided and abetted the developers of the Jay Peak Resort in diverting $200 million in immigrant investor funds.
The lawsuit alleges that Ariel Quiros orchestrated the fraud, along with his partner in the Jay Peak Resort project, Bill Stenger, also, Joel Burstein, Quiros’ son-in law, and Raymond James enabled the alleged fraud. Jay Peak investor funds were held in accounts that were managed by Joel Burstein, who was a manager of a Coral Gables branch of Raymond James.
The Securities and Exchange Commission (SEC) and the state of Vermont accused Quiros in April of running a “Ponzi-like scheme” and using $50 million in immigrant investor funds to pay taxes, buy New York City apartments and finance the purchase of Jay Peak and Q Burke resorts. He also borrowed tens of millions of dollars in margin loans against investor accounts, according to the SEC.
According to the documents, allegedly, Quiros and Stenger solicited $350 million from more than 700 investors from 74 countries. These immigrant investors put up $500,000 each in exchange for a visa, green card and eventually, permanent residency in the United States. The investments named in the SEC lawsuit included six projects at Jay Peak and a biotech center in Newport. There is a related project at the Burke Mountain Resort.
The plaintiffs allege that Raymond James knew the funds in the Jay Peak Limited Partnership accounts were investors’ funds and could not be used by Quiros for the purchase of Jay Peak. Additional funds from new investors were then used to pay for accounts for projects, according to the SEC lawsuit.
JOEL N. BURSTEIN JR (CRD# 3257591) has been in the securities industry for 15 years and is currently registered with the following firm since 04/2001:
RAYMOND JAMES & ASSOCIATES, INC.
2525 PONCE DE LEON BOULEVARD, SUITE 600, CORAL GABLES, FL 33134
According to FINRA’s BrokerCheck, Burstein has 12 ‘Customer Disputes’ pending from May and June of this year.
If you suffered investment losses due investing in the Jay Peak Resort projects or were a client of Joel Burstein of Raymond James of Coral Gables, Florida, contact the Florida-based Soreide Law Group for a no-cost consultation with a lawyer at:  888-760-6552.

You may have the right to sue Raymond James Financial for their alleged involvement in your investment losses.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee.