Jay Peak investors should be allowed to sue the state government and officials responsible for running the Vermont EB-5 Regional Center for permitting fraud to occur under their watch, a Stowe lawyer argued Tuesday before the Vermont Supreme Court.
Russell Barr, representing a handful of immigrant investors in EB-5-funded Jay Peak projects, made that contention as part of a double-header of cases that pitted him against the state
No decisions were made in either case. Instead, the justices took both matters under advisement and are expected to issue written rulings in the coming months.
Barr told the five Supreme Court justices that, under a federal program, EB-5 regional centers, like the one in Vermont, must promote economic growth.
“Is your theory really that, in order to do that effectively, you have to oversee the projects within your purview to ensure that no one is pilfering investor money?” Justice Beth Robinson asked him.
“To answer your question, yes,” Barr replied.
Mentions
States
- Vermont
Videos
Subscribe for News
Site Digest
Join Professionals on EB5Projects.com →
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.
