Investment management company Merrill has agreed to pay $4.5 million to settle allegations over its handling of accounts used related to fraud in northern Vermont developments that involved foreign investors' money, the state of Vermont announced Friday. A motion seeking approval of the settlement agreement was filed Thursday in federal court in Florida. The Vermont Department of Financial Regulation alleged that Merrill’s administration of accounts represented potential violations of the Vermont Securities Act, the department said. Merrill had no comment on the settlement, said spokesperson Christopher Feeney. Quiros and Stenger settled civil charges with the SEC, with Quiros surrendering more than $80 million in assets, including Jay Peak and Burke Mountain ski areas.
Source: CBC News January 08, 2022 02:02 UTC