FREE Sign upLogin
ICYMI: An EB-5 Immigrant-Funded Biotech Center In Newport. Bloomberg Asks: What Could Go Wrong?

ICYMI: An EB-5 Immigrant-Funded Biotech Center In Newport. Bloomberg Asks: What Could Go Wrong?

EB-5 Visa, EB5 Visa, EB-5 Investment

A feature story in Bloomberg Businessweek tells the story of an immigrant– Pedro Brito from Brazil — and his investment in AnC Bio Vermont, a proposed biomedical center in Newport that was the culminating project in an alleged Ponzi scheme.

The author, Susan Berfield, recounts how the developers, Ariel Quiros and Bill Stenger, drew on their connections to high-powered politicians in Vermont to draw immigrants like Brito to the $110 million project. Gov. Peter Shumlin and Sen. Patrick Leahy both endorsed AnC Bio Vermont and other projects promoted by the developers.

In exchange for his investment, Brito expected to get a U.S. visa.

Instead, Brito and his fellow investors in AnC Bio Vermont and projects at Jay Peak Resort were defrauded and their dream of U.S. citizenship is on hold. Federal regulators charged the developers with 52 counts of fraud and allege the two men misused $200 million.

Berfield writes that Quiros and Stenger failed to tell investors that they were under investigation by the Securities and Exchange Commission.

The Bloomberg story links to VTDigger’s EB-5 landing page and credits the news organization with questioning the finances of the Jay Peak developments in 2014.

The New York Times cited VTDigger’s work in May. PBS Newshour interviewed Anne Galloway about her two-year investigation of the Jay Peak developers in December 2015 and again in July.


Source: https://vtdigger.org/2016/10/04/icymi-eb-5-immigrant-funded-biotech-center-newport-go-wrong/

Mentions

Litigation Cases

States

  • Vermont


Subscribe for News

Site Digest

Categories

Free eb5 consultation

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.