Michael Schirling

Recent Posts

Scott administration recommends closing EB-5 center as feds send termination notice

MONTPELIER — Gov. Phil Scott released a report from his administration Monday evening recommending the shut down of the state-run EB-5 regional center alongside a notice from the federal government that it plans to terminate it. Scott ordered a review of the regional center, which oversees projects utilizing the federal foreign investor visa program, after a financial settlement in a massive fraud case was announced earlier this year. The owner of Jay Peak Resort, Ariel Quiros, and the resort president, William Stenger, were accused last year of a massive fraud scheme involving several EB-5 projects in the Northeast Kingdom by the U.S. Securities and Exchange Commission and the state. Quiros was accused of using more than $200 million in inventor funds for his own private use in what investigators labeled “a massive Ponzi scheme.”

On Monday, Scott released a notice from the U.S. Citizenship and Immigration Services outlining its intent to close the state-run center, citing the fraud case and the state’s lack of oversight as key reasons for the pending closure. Scott’s office said Monday that he ordered the Vermont Department of Financial Regulation to review the center’s operations in July, after a court approved a settlement with financial firm Raymond James. Continue Reading →

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Scott proposes changes to the executive branch

MONTPELIER — Gov. Phil Scott Scott is looking to consolidate some areas of state government in a bid to create operational efficiencies and some potential cost savings, but critics say it could weaken enforcement in a key area of government. Scott, who took office earlier this month, signed three executive orders Sunday and briefed reporters at the State House Tuesday on how they will reorganize the executive branch. One will combine the Department of Liquor and the Lottery Commission into the Department of Liquor and Lottery. Another will reconfigure the state’s Department of Information and Innovation into a new Agency of Digital Services. The third order combines the Department of Labor and the Agency of Commerce and Community Development into a single Agency of Economic Opportunity. Continue Reading →

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