Raymond James Financial has agreed to pay $150 million to settle all investor claims arising from an allegedly fraudulent Vermont ski resort project in which a former branch manager at the firm was implicated.

The settlement, made with a court-appointed receiver, arose out of charges filed by the SEC in April 2016 alleging that Ariel Quiros of Miami and William Stenger of Newport, Vt., misused $200 million of the $350 million they raised from investors to construct facilities at the Jay Peak ski resort in Jay, Vt. The agency claimed Quiros spent $50 million of that money on personal and other expenses.

The receiver,  Michael Goldberg of Ft. Lauderdale, Fla., later charged Miami-based Raymond James branch manager Joel Burstein with aiding in the scheme. The receiver claimed the firm and Burstein allowed Quiros to margin investor funds and divert the loan proceeds for improper uses. Burstein, who voluntarily resigned from Raymond James in December after being named in a number of investor lawsuits, is Quiros’ former son-in-law.

Quiros and Stenger raised money for the Jay Peak project through a U.S. government visa program that allows foreign investors and their families to obtain permanent residency in return for investing in U.S. businesses.

“Raymond James did not act as placement agent or in any other capacity for the program and none of the investors in the program purchased their investments through Raymond James,” the firm said in a statement.

Investors and contractors will be compensated through the funding of incomplete projects, or with returns of money when construction projects are no longer feasible, the firm said.

The case has been a big issue in Vermont and a major public relations disaster for Raymond James. Vermont Gov. Phil Scott on Thursday held a press conference announcing the settlement.