EB-5 investors put $75 million into the Hotel Jay projects, which included a five-story hotel, water park, golf and nordic center and ice arena. The developers solicited an additional $32 million for a project known as Penthouse Suites for the fifth floor of the hotel.
A legal fight is brewing in a case involving an alleged “Ponzi-scheme” over the word “Ponzi.”
The dispute was revealed in a court filing submitted this week in a pending federal class-action lawsuit filed by investors who claim they were defrauded when they put money into development projects in the Northeast Kingdom.
Thomas A. Tucker Ronzetti, one of the attorneys representing the investors, wants a judge to “compel” Raymond James & Associates, Inc., to turn over information he claims is relevant.
That includes, he wrote, checking its “ESI,” or electronically stored information, for certain words, or combination of words.
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