Vt. Financial Regulation Commissioner: Charges In EB-5 Case Propel 'Healing Process'
Vermont Department of Financial Regulation Commissioner Michael Pieciak, pictured here in 2016, said criminal charges filed this week are a move toward closure in the EB-5 scandal in the Northeast Kingdom.
Criminal fraud charges filed this week against four defendants over their involvement in an EB-5 investment scheme in the Northeast Kingdom are a step toward closure, according to Vermont Commissioner of Financial Regulation Michael Pieciak.
Pieciak was part of the state investigation that led to the uncovering of the EB-5 scandal in 2016. His office also oversees the Vermont Regional Center, the state-run entity charged with regulating EB-5 projects.
Federal regulators ordered the regional center to shut down last year, but the state appealed that decision. While on appeal, the center is still overseeing EB-5 projects launched before fraud allegations involving Jay Peak surfaced.
"But other than that, other than continuing to monitor the projects from a financial standpoint and from an operational standpoint, there's not a whole lot that the regional center is up to," Pieciak told VPR.
Pieciak said he hopes his department's appeal to an administrative law judge will come down in their favor; if not, "we'll look to the federal court system," he said.
Pieciak's office has argued the Vermont Regional Center should be allowed to wind down its work on existing EB-5 projects, rather than shutting down abruptly.
- ALEXANDRE DACCACHE, on behalf of himself and all others similarly situated vs Ariel Quiros & Bill Stenger & The AM Wealth Management Group of Raymond James & Joel Burstein
- 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.