US stands by decision to end Vermont’s immigrant investor program

US stands by decision to end Vermont’s immigrant investor program

EB-5 Visa, EB5 Visa, EB5 Investments

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.


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