MIAMI (Legal Newsline) – Several individuals allege a Florida investment company misled them into investing in a Ponzi scheme.
Zheng Zhang, Haiyun Hu, Lixia Wang, Jiannan Xu, et al. filed a complaint on Nov. 7 in the U.S. District Court for the Southern District of Florida against
Raymond James & Associates Inc., Joel Burstein and Ariel Quiros
alleging breach of fiduciary duty and other counts.
According to the complaint, the plaintiffs allege that they invested in security offerings for partnerships in real estate projects around the Jay Peak Ski Resort Vermont. They allege it was represented to them that once the project was completed, the investors would meet the criteria for the issuance of a visa for permanent U.S. residency. The plaintiffs allege the partnerships were part of Ponzi scheme orchestrated by the defendants and that each plaintiff lost $550,000 in part or in whole.
The plaintiffs hold Raymond James & Associates Inc., Burstein and Quiros responsible because the defendants allegedly made false representations to the plaintiffs in order to induce them into investing in one of the Jay Peak Partnerships.
The plaintiffs request a trial by jury and seek compensatory damages, punitive damages, interest, all legal fees and any other relief as this court deems just. They are represented by Curtis Carlson of Carlson & Associates PA in Miami.
U.S. District Court for the Southern District of Florida Case number 1:16-cv-24655-KMW