Merrill agrees to pay $4.5M settlement related to ski fraud

By LISA RATHKE
Associated Press

The state of Vermont says investment management company Merrill has agreed to pay $4.5 million to settle allegations over its handling of accounts used related to the fraud in various northern Vermont developments involving foreign investors’ money. 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. Merrill had no comment on the settlement.