US stands by decision to end Vermont’s immigrant investor program
Allegations of fraud at Jay Peak Resort in Vermont figured in the US government’s decision to close the state’s immigrant investor program.
The federal government has upheld an earlier decision to close Vermont’s immigrant investor program, citing allegations of massive fraud at the Jay Peak ski resort and a lack of evidence that the program promotes economic growth.
US Citizenship and Immigration Services dismissed the state’s appeal in a letter received by the state on Tuesday.
The record shows “numerous and significant negative factors demonstrating the limitations on its [the center’s] ability to continue to promote economic growth,” the agency wrote.
The negative factors involve the alleged fraud at Jay Peak.
Its former owner, Ariel Quiros, and former president, William Stenger, were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program for developments at or near the resort.
Mentions
Litigation Cases
- United States of America vs Ariel Quiros & Bill Stenger
- Michael I. Goldberg vs Ariel Quiros
- MICHAEL I. GOLDBERG vs The AM Wealth Management Group of Raymond James & Ariel Quiros & Joel Burstein
- JAMES B. SHAW, JOHANNES EIJMBERTS, and LORNE MORRIS Individually and On Behalf of All Others Similarly Situated, vs The AM Wealth Management Group of Raymond James & Bill Stenger & Joel Burstein & Ariel Quiros
- 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
States
- Vermont
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