Timeline of NEK development projects

Timeline of NEK development projects

EB-5 Visa, EB5 Visa, EB-5 Investment

There are allegations of massive fraud connected to the big development projects in the Northeast Kingdom. Here's a look back on where it all began and how we got to this point.

It all began in 2008 when Jay Peak's new owners announced a major expansion. 

Adding new hotels, a water park, an ice rink and more. 

We are in a wonderful place now, but we have wonderful things to do," said Bill Stenger in July 2008. 

EB-5 Visa, EB5 Visa, EB-5 Investment

Those wonderful things would cost $250 million all paid for thru EB-5.

Stenger made trips around the world to line up foreign investors. Vermont Governors Jim Douglas and Peter Shumlin also went along.

"At a time when capital is hard to come by, the EB-5 program is a great asset to Vermont employers who are looking to grow," said Douglas in September 2010.  

Even as new facilities opened at Jay, questions about the EB-5 funding began to arise. Was it creating the required number of jobs? Were investors being paid back?

EB-5 Visa, EB5 Visa, EB-5 Investment

In March 2012, a company that helped line up investors pulled out saying it no longer had confidence in the accuracy of Jay Peak's representations.

"We totally stand behind all of our documents and are absolutely resolute that they are spot on correct," said Stenger in March 2012.
And in September 2012 the biggest news yet. Stenger and Quiros announced the massive Northeast Kingdom Development Initiative. 

It involved seven projects across four towns, a half billion dollars in investments and almost all of it to be funded with EB-5 money.

EB-5 Visa, EB5 Visa, EB-5 Investment

"We have the right vision, great ideas but what you need with that is capital," said Stenger in September 2012. 

So it was back to China seeking more investors. In 2013, Gov. Shumlin, who as a candidate in 2010, had called Gov. Douglas' EB-5 trip a "junket" then led his own trade mission there in 2013.

But few of the promised projects have come thru. A German window manufacturer backed out. Downtown Newport improvements have not come thru In May 2015, construction did begin on the AnC Bio factory, but by then federal and state regulators were already digging into their investigations. 

EB-5 Visa, EB5 Visa, EB-5 Investment



Litigation Cases


  • Vermont

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.