EB-5

Jay Peak
HanumanIX/Wikipedia

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.

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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.

WAMC

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.