EB-5

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. 

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 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.

Skiers on a sunny day at Okemo Mountain Resort.
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.

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

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?

Taylor Dobbs / VPR

Gov. Peter Shumlin and his top commerce official visited Jay Peak Wednesday to ease concerns about the future of that resort as well as Q Burke and other developments in the area funded by the federal EB-5 program.

Taylor Dobbs / VPR

Allegations of fraud at multiple developments in the Northeast Kingdom have raised major questions about the future of those projects and the jobs they were supposed to create, and Northeast Kingdom residents weren't the only ones counting on those jobs. For foreign investors who used the federal EB-5 program to fund the projects and pay their way into the United States, the alleged fraud could jeopardize their immigration status.

nicholas belton / iStock.com

The Jay Peak fraud allegations have drawn attention to a visa program for foreign investors called EB-5, by which a foreign citizen who invests $500,000 in a U.S. business can receive a green card. And if that has you thinking, 'Really? That's a legal path to immigration?' then you're not the only one.

Angela Evancie / VPR file

The Shumin administration says it plans to release tens of thousands of emails that it sought permission to delete several weeks ago.

The administration says any emails related to an investigation of alleged fraud with the state's EB-5 program were previously separated out and were never slated to be destroyed.

A downtown Newport development project is in doubt following fraud allegations against the project developers. State and local officials met this week to talk more about the project's future but few answers were found.

YouTube still

Of all the alleged EB-5 frauds perpetrated by Bill Stenger and Ariel Quiros, none was as grand in scale as the case of AnC Bio. 

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