Governor: EB-5 program could still help Vermont

Investors accuse Vermont of covering up problems, but Gov. Phil Scott, R-Vermont, says he can still capitalize on the controversial EB-5 program.

The program offers wealthy foreign financiers green cards for investment in development projects.

Lawyers representing several investors into the allegedly fraudulent Jay Peak scheme say the state failed in its regulatory responsibilities.

Scott said he does not believe Vermont's oversight failures were criminal.

"Did the state do things wrong, absolutely, in looking back, I think we would do things much differently than today," said Scott.

The governor went on to say that he still believes the EB-5 program is an economic tool that can help Vermont, provided proper oversight can re-establish lost faith.

Scott says he's unsure whether he's legally been served with the lawsuit yet.

When asked if the state should undertake its own investigation into the program's shortcomings, he said he's sure the court process will uncover all the key details.

http://www.wcax.com/story/35676542/governor-eb-5-program-could-still-help-vermont

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• Vermont EB5 Regional Center

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