A federal judge has dismissed a potential class action against a Miami businessman accused by investors of engineering a $400 million Ponzi scheme tied to fundraising for EB-5 immigrant visas at a Vermont ski resort.

U.S. District Judge Federico Moreno of the Southern District of Florida dismissed an amended complaint Tuesday, saying the plaintiffs lacked standing to sue. Moreno said the plaintiffs’ claims are “derivative under Florida law,” and they have not “sufficiently alleged an injury separate and distinct from other investors.”

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