Patricia Moulton

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Federal and state authorities allege massive fraud in Northeast Kingdom development projects

MONTPELIER — The federal Securities and Exchange Commission on Thursday unveiled a civil fraud complaint charging a “Ponzi-like scheme” involving the main actors in major Northeast Kingdom development projects for misusing $200 million dollars of foreign investors’ money, while state officials filed a state-level complaint mirroring the federal charges. Ariel Quiros and William Stenger, owners of Jay Peak Resort and the principals heading up eight different development projects through the federal EB-5 Immigrant Investor Program, have raised $350 million in $500,000 increments from foreign investors seeking permanent residency in the U.S. through the investor program. Federal and state officials on Thursday said $200 million of the money raised was misused, including $50 million by Quiros for his own personal benefit. The eight ambitious EB-5 projects include improvements at Jay Peak and Q Burke Resorts and a biomedical research facility in Newport. According to the state’s civil complaint, filed in Washington County Superior Court on Thursday, the duo used various limited partnership companies to raise the funds. Continue Reading →

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Shumlin’s office weighs in on EB-5 director’s departure

MONTPELIER — The director of the EB-5 Vermont Regional Center has resigned to take a job at Mount Snow that will involve working on the resort’s EB-5 project, leading Gov. Peter Shumlin to raise concerns about potential conflicts of interest. Brent Raymond submitted his resignation last Thursday, Secretary of Commerce and Community Development Patricia Moulton said. Raymond provided for 30 days notice in his resignation letter, but Moulton said she and other officials determined Raymond could not continue to oversee projects because he would soon be advocating for one. His last day on the job was Monday. “His departure is amicable. Continue Reading →

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