Vermont Governor Phil Scott says he's opposed to the idea of having a receiver appointed to run the Vermont regional center that helps foreign investors get U.S. residency in exchange for investments in job-creating economic development projects.

The owner of a Vermont ski resort accused of massive fraud involving foreign investors' money will not contest U.S. Securities and Exchange Commission charges against him.

The U.S. Citizenship And Immigration Services has notified Vermont officials that it intends to close the state's EB-5 immigrant investor regional center. It comes following millions of dollars in alleged fraud at Jay Peak Ski Resort involving the program — and as the state issues a report recommending the office be gradually closed.

Governor Phil Scott
Governor's office

Vermont Republican Governor Phil Scott says his administration is planning to accelerate the release of documents related to a visa program connected to a massive fraud case against the owner and former president of the Jay Peak ski resort.

Jay Peak

A group of Chinese investors is suing a Miami businessman accused of massive fraud involving foreign investors' money in Vermont developments.

A federal judge has ruled that up to $1.5 million of a settlement reached with a financial firm in a fraud investigation of two Vermont ski resorts will be loaned to a federal receivership so the properties can meet payroll.

State officials say the man responsible for promoting economic development projects in Vermont through the federal EB-5 program has resigned from his position.

A Miami businessman is asking a federal judge to allow him to resume operating projects in Vermont that a U.S. Securities and Exchange Commission lawsuit claims are fraudulent.

Q Burke logo
Q Burke Resort

Last month, the Securities and Exchange Commission filed charges against two developers in Vermont’s Northeast Kingdom, accusing them of conducting a Ponzi-like scheme with EB-5 funds.

Vermont Statehouse
Photo by Pat Bradley

A Vermont lawmaker wants the Legislature to ask Attorney General William Sorrell to clear the governor's office to release emails possibly related to the EB-5 immigrant investor scandal.

Senator Patrick Leahy is hailing legislation signed into law by President Barack Obama that is expected to be key to a series of big economic investments in northern Vermont.

Leahy has been a key backer of the EB-5 Immigrant Investor Regional Center program, and Obama on Friday signed a three-year extension of the program.


Vermont’s governor, state officials, the state’s Congressional delegation and the owners of the Jay Peak Ski Resort announced nearly 850-million dollars in economic development initiatives that will lead to at least five thousand jobs in Vermont’s Northeast Kingdom.