EB-5

Angela Evancie / VPR

Earlier this summer VPR reported that state officials received documentation of alleged fraud at Jay Peak Resort in 2014, a year and a half before filing charges against resort owner Ariel Quiros and president Bill Stenger.

The documentation came from an unusual source: one of the foreign investors in an EB-5 project at Jay Peak. He managed to piece together the alleged fraud before the state’s investigation even began.

Herb Swanson / swanpix.com

Bill Stenger, one of two partners in an alleged fraud of foreign investors in Northeast Kingdom development projects, has settled with the federal Securities and Exchange Commission, according to court documents.

Toby Talbot / AP

Debate continues over what state officials knew when about the alleged EB-5 fraud in the Northeast Kingdom.  Four guests join us today to discuss the situation.

Angela Evancie / VPR file

Administration officials are saying little about the resignation of the man responsible for promoting EB-5 Immigrant investor Program projects in Vermont.

Okemo Mountain Resort, courtesy

An EB-5, foreign-investor funded project at Okemo Mountain Resort in Ludlow has been cleared to resume soliciting money from immigrant investors, and state regulators say the SouthFace Village at Okemo project has added a number of new investor protections.

The state’s secretary of commerce and community development has been appointed interim president of Vermont Technical College.

Lt. Gov. Phil Scott has issued a statement condemning the Shumlin administration’s decision to allow alleged fraudsters Bill Stenger and Ariel Quiros to keep soliciting foreign investments even after authorities had suspicions of wrongdoing.

Angela Evancie / VPR

A big question has lingered in the months since federal and state authorities charged Jay Peak developers with fraud: What did Gov. Peter Shumlin and other officials know about the alleged scam, and when did they know it?

Angela Evancie / VPR file

State officials are scrambling to secure legal residency for the foreign investors caught up in one of the biggest alleged frauds in Vermont history. But they say federal immigration authorities aren’t cooperating. 

Angela Evancie / VPR

The Vermont Department of Financial Regulation has reached a $5.95 million settlement with the securities firm Raymond James and Associates over the firm’s handling of investments at Jay Peak, officials announced Thursday.

Okemo Mountain Resort, courtesy

An EB-5, foreign investor-funded project at the base of Okemo Mountain Resort has come under new regulatory scrutiny over statements in its financial prospectus to investors. 

Emily Alfin Johnson / VPR

Around 400 people were at Burke Mountain this Memorial Day Weekend celebrating the planned fall opening of the Burke Hotel and Conference Center.

Vermont Sen. Patrick Leahy says recent federal fraud charges have shaken his confidence in what was once praised as the most successful EB-5 project in Vermont.

It’s been six years since Democrats swept to power in Montpelier, but they’re facing some unlikely critics as they try to retain it. And the Democratic gubernatorial candidates seeking to replace one of their own say Vermonters have lost faith in government under one-party rule.

Lisa Rathke / AP

Many foreign investors in Jay Peak’s EB-5 developments are scrambling in the wake of charges that the resort orchestrated a massive securities fraud with their money. But it’s more than just money riding on the outcome for some investors.

Mount Snow

The owner of Mount Snow says its EB-5 foreign investor funded project has been approved. 

Peter Hirschfeld / VPR File

The alleged fraud involving developers in the Northeast Kingdom has put new scrutiny on donations to the Vermont Democratic Party. The party’s three candidates for governor now say the VDP should give up the contributions it received from the man at the center of the scandal.

The Northeast Kingdom of Vermont is a beautiful but also hard scrabble part of the state that's seen its share of tough economic times, and that's what's made the latest news on alleged fraud of investors for two of the region's big mountain resort and hotels so disheartening.

Steve Legge / AP file

The business executive running two Northeast Kingdom ski resorts involved in a federal fraud investigation says both businesses have enough money to stay viable for the time being.

Ric Cengeri / VPR

Two weeks ago, shockwaves struck the Northeast Kingdom. The offices of Jay Peak and Q Burke were raided because of alleged improprieties involving the misuse of EB-5 funds.

So how has the news affected the psyche and the economic hopes of the region?

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