EB-5

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

Attorney General TJ Donovan says a lawsuit filed against the state of Vermont, for its alleged role in EB-5 frauds in the Northeast Kingdom, is without merit.
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. In an Aug. 14 letter, the federal government said it plans to shut down the "Vermont Regional Center" that oversees the EB-5 program.
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.

The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. In an Aug. 14 letter, the federal government said it plans to shut down the "Vermont Regional Center" that oversees the EB-5 program.
Angela Evancie / VPR File

This week marks the one year anniversary of federal and state fraud charges brought against Jay Peak. Now one of the resort’s original investors has added a new twist to the ongoing legal saga: He has filed charges against, Saint-Sauveur Valley Resorts, the owner of Jay Peak’s former parent company, Mont Saint-Sauveur International (MSSI).

Amy Kolb Noyes / VPR

A year after fraud allegations put development projects in the Northeast Kingdom funded by the federal EB-5 immigrant investor program into federal receivership, Newport is taking steps to revive at least one of the stalled projects.

After a lawsuit and months of delay, state officials released new records Wednesday related to Vermont’s oversight of the federal EB-5 foreign investment program, which was allegedly abused by Jay Peak CEO Bill Stenger and owner Ariel Quiros to defraud foreign investors of hundreds of millions of dollars.

Taylor Dobbs / VPR

VTDigger, the non-profit news organization based in Montpelier, has dropped its legal campaign to force state officials to disclose records about how the state managed its oversight of the federal EB-5 foreign investment program.

Clockwise from top left: Lisa Rathke, AP; Andy Duback, AP; Nina Keck, VPR; Jacquelyn Martin, AP; Angela Evancie, VPR.

It's been quite a year. In the final days of 2016, we're reflecting on some of the biggest news stories of the year and looking toward what's next in 2017.

Burke Mountain Academy

Burke Mountain has been named an official development site for the U.S. Ski Team. Burke Mountain Academy announced the agreement, which involves both the school and Burke Mountain resort, on Wednesday.

Mount Snow

The parent company of Mount Snow says it will finally get $52 million through the federal EB-5 Immigrant Investor Program.

Taylor Dobbs / VPR

Until Thursday, Jay Peak’s website still included a web page soliciting investments in Jay Peak’s EB-5-funded projects. The page was removed Thursday afternoon after VPR made inquiries about it.

J. Scott Applewhite / AP

In a floor speech in the U.S. Senate Thursday, Sen. Patrick Leahy called on Congress to either reform the EB-5 immigrant investor program or do away with it all together.

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