The first objection has been raised to a proposed $150 million settlement with a financial services firm linked to the EB-5 immigrant investor scandal that played out in Vermont’s Northeast Kingdom.
However, it may be too late for that investor as he seeks to put the brakes on the deal.
“This agreement is grossly inequitable!” Guangyi Xiong, a resident of Beijing, China, wrote in a recent letter to federal Judge Darrin P. Gayles.
Gayles is expected to rule any day on whether he will approve the proposed $150 million settlement between Raymond James and Associates Inc. and a court-appointed receiver now overseeing the properties at the heart of the investor fraud case.
The judge had set a deadline of June 5 for any party to file an objection and none were submitted.
Xiong, in his one-page letter filed last week, said he was not made aware of the settlement until after the deadline passed.
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