EB-5 Investor Lawsuit Against Vermont State Officials Dismissed
The Tram Haus Lodge at Jay Peak was one project invested in by foreign investors through the EB-5 program. This week a judge dismissed a case brought by a group of foreign EB-5 investors against Vermont state officials.
A Vermont judge has dismissed a lawsuit against the state officials who oversaw allegedly fraudulent EB-5 projects in the Northeast Kingdom.
A group of foreign investors filed a civil suit last year against officials at the Agency of Commerce and Community Development and the Department of Financial Regulation, alleging they were negligent in their oversight duties. But Lamoille County Judge Thomas Carlson ruled on Friday that they don’t have a case.
Carlson said in his ruling that employees at the Agency of Commerce were acting within their discretionary authority as government officials, while overseeing the ill-fated EB-5 ventures. And he said the plaintiffs did not provide evidence of the negligence, fraud and breach of contract they were alleging.
In 2016, the Securities and Exchange Commission accused Ariel Quiros of using the federal EB-5 program to orchestrate a massive Ponzi scheme against the foreigners who invested $500,000 a piece in his projects. Quiros has since settled with the SEC for more than $80 million.
- Jay Peak Resort - Tram Haus Lodge
- Vermont Agency of Commerce and Community Development RC
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Ariel Quiros
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
Subscribe for News
Join Professionals on EB5Projects.com →
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.