EB-5

Ariel Quiros, seen far left at a 2015 press conference, used the EB-5 program to defraud foreign investors. Attorney General TJ Donovan announced Thursday that he'll pay $2 million to settle civil charges filed by the state in 2016.
Vermont Business Magazine

The man who used EB-5 projects in the Northeast Kingdom to orchestrate one of the biggest financial frauds in state history has settled a civil suit brought by the state of Vermont.

The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. The federal government has terminated the state-run Regional Center that oversees EB-5 projects in Vermont.
Angela Evancie / VPR File

The federal government has ordered a shutdown of the state-run Regional Center that oversees EB-5 projects in Vermont, possibly jeopardizing the immigration status of about 200 foreign investors seeking green cards through the program.

The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. The federal government has terminated the state-run Regional Center that oversees EB-5 projects in Vermont.
Angela Evancie / VPR File

A Vermont judge has dismissed a lawsuit against the state officials who oversaw allegedly fraudulent EB-5 projects in the Northeast Kingdom. 

Chandler Matson, left, and Russell Barr, standing, are suing the state of Vermont for its alleged complicity in the largest fraud in Vermont history.
Peter Hirschfeld / VPR

The deadline by which a Stowe attorney promised to substantiate allegations of sexual misconduct by a Vermont government official has passed, but Russell Barr has yet to produce any evidence of the alleged crime.

Stowe attorney Russell Barr, standing in Lamoille County Superior Court Monday, says he has evidence that a Vermont government official was arrested while on official business in China. State officials say they have no records of any such arrest.
Peter Hirschfeld / VPR

As the lawsuit filed by EB-5 investors against the state moves through the courts, the lawyer representing those investors has taken on a public role: attorney Russell Barr.

Earlier this week, Barr made headlines with scandalous allegations about public officials without making public evidence to back up his claims.

Stowe attorney Russell Barr, standing in Lamoille County Superior Court Monday, says he has evidence that a Vermont government official was arrested while on official business in China. State officials say they have no records of any such arrest.
Peter Hirschfeld / VPR

Top state officials say they have no records indicating that a Vermont state employee was arrested for having sex with a minor while traveling on government business in China.

Chandler Matson, left, and Russell Barr, standing, are suing the state of Vermont for its alleged complicity in the largest fraud in Vermont history.
Peter Hirschfeld / VPR

A lawyer suing the state of Vermont on behalf of foreign investors who were defrauded in the Northeast Kingdom EB-5 scam dropped a bombshell allegation after a court hearing Monday.

Ariel Quiros, seen far left at a 2015 press conference, used the EB-5 program to defraud foreign investors. Attorney General TJ Donovan announced Thursday that he'll pay $2 million to settle civil charges filed by the state in 2016.
Vermont Business Magazine

In the ongoing fallout from what prosecutors have called a "Ponzi-like scheme" in the Northeast Kingdom, alleged perpetrator Ariel Quiros has agreed to a settlement with the Securities and Exchange Commission.

Anne Galloway, founder and editor at the news website VTDigger, has been following this story from the very beginning. She joined Vermont Edition for an update on the most recent developments.

The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. The federal government has terminated the state-run Regional Center that oversees EB-5 projects in Vermont.
Angela Evancie / VPR File

The alleged perpetrator of a major financial fraud in Vermont's Northeast Kingdom will pay tens of millions of dollars to settle a federal lawsuit.

The federal government says the company that owns Mount Snow can open its own EB-5 regional investment center.

Vermont Attorney General TJ Donovan has been in office for nearly a year.
Oliver Parini / VPR file

Attorney General TJ Donovan is asking a judge to dismiss a civil lawsuit that seeks to hold the state of Vermont liable for its failure to stop alleged EB-5 frauds in the Northeast Kingdom.

The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. The federal government has terminated the state-run Regional Center that oversees EB-5 projects in Vermont.
Angela Evancie / VPR File

In June, the victims of one of the largest alleged frauds in state history filed a lawsuit against the state of Vermont. Last week, their case might have gotten a boost from an unlikely ally: the federal government.

Hilary Niles / For VPR

On August 21, Gov. Phil Scott's administration announced plans to wind down the state's EB-5 regional center.

Tony Sutton, an EB-5 investor, is suing the State of Vermont for being complicit in multi-million-dollar fraud allegedly perpetrated by those in charge of Jay Peak.
Lisa Rathke / AP

A man who invested a $500,000 in Jay Peak through the federal EB-5 foreign investment program is suing the State of Vermont and accusing state officials of being complicit in multi-million-dollar fraud allegedly perpetrated by Jay Peak owner Ariel Quiros and CEO Bill Stenger.

Mount Snow is using $22 million in EB-5 funding for a new ski lodge at the resort's Carinthia section, and another $30 million for a snow making expansion.
Howard Weiss-Tisman / VPR

After months of delays in securing its EB-5 funding, Mount Snow is finally moving ahead with a $52 million upgrade.

Fresh on the heels of Raymond James Financial’s $150 million dollar settlement with Jay Peak Resort, owner Ariel Quiros has responded to related allegations. 

Angela Evancie / VPR file

Ray Pronto’s story starts simple enough. He left his hometown of Newport and landed in Pennsylvania, in the Pittsburgh area, where he founded a business in title insurance and loan closings. The company grew — a lot.  

Hilary Niles / VPR

The firm Raymond James & Associates has agreed to pay $150 million as part of a settlement announced by state officials late Thursday.

Taylor Dobbs / VPR/file

One year ago, federal and state prosecutors brought securities fraud charges against Jay Peak developers Ariel Quiros and Bill Stenger for misusing funds raised through the federal EB-5 immigrant investment program.

Now, the man appointed to run the resorts says he’s close to announcing a deal that will affect everyone involved in the case.

Tony Sutton, an EB-5 investor, is suing the State of Vermont for being complicit in multi-million-dollar fraud allegedly perpetrated by those in charge of Jay Peak.
Lisa Rathke / AP

A year ago this week, a wide-reaching scandal was revealed in the Northeast Kingdom surrounding the federal EB-5 program. That damage from the alleged fraud is still unfolding, and new developments continue to surface, including a new lawsuit filed against Jay Peak's former parent company.

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