Merrill Lynch to pay $4.5M settlement for role in Kingdom Con

Published: Jan. 7, 2022 at 12:03 PM EST
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BURLINGTON, Vt. (WCAX) - Vermont and federal officials have reached another settlement in the Kingdom Con case.

The Vermont Department of Financial Regulation says Merrill Lynch has settled for $4.5 million over the broker-dealer’s handling of the accounts used in connection with the EB-5 fraud at Jay Peak.

The state alleged Merrill Lynch’s administration of the accounts represented potential violations of the Vermont Securities Act. Four million of that money will go to settle claims with the Jay Peak receivership and half a million will go to investor restitution.

“This is another good settlement for the Jay Peak investors and provides further restitution to help mitigate the financial impact caused by Ariel Quiros and Bill Stenger,” DFR Commissioner Michael Pieciak said in a statement.

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