Indictments and the closing of the state EB-5 program

Indictments and the closing of the state EB-5 program

EB-5 Visa, EB5 Visa, EB5 Investments

VTDigger exposed the fraud at Jay Peak Resort five years ago, and but for our reporting the developers likely would have continued looting foreign investors.

In May, indictments were handed down in a dramatic hearing in U.S. Federal Court.

Federal prosecutors charged developers Ariel Quiros, Bill Stenger and two other men with money laundering in the biggest investor fraud in the state’s history. The Securities and Exchange Commission accused Quiros and Stenger of misusing $200 million in EB-5 monies. 

The fraud was perpetrated under the noses of state officials. In September, the federal government permanently shut down the Vermont EB-5 Regional Center partly in response to VTDigger’s reporting on the state’s cozy relationship with the developers.

In an ongoing, two year battle over records in the case, we sued (again) for documents in January and after months of legal wrangling, we were told by the Vermont Attorney General’s office that the communications of a former director of the center had been destroyed.  

Thousands of pages of records in the EB-5 scandal have yet to be released and a half dozen lawsuits remain in play. It could be years before the full story comes out.

VTDigger has been on the case since 2014, and we stay on it because of you.


Litigation Cases


  • Vermont

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. 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.