U.S. Citizenship and Immigration Service

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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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