Vermont Sen. Patrick Leahy says recent federal fraud charges have shaken his confidence in what was once praised as the most successful EB-5 project in Vermont.
Leahy has long supported the EB-5 program, which allows foreign investors to gain legal residency after investing at least $500,000 in U.S. development projects.
Now Leahy says Jay Peak resort president Bill Stenger and his partner Ariel Quiros, who allegedly misused investments funds for development projects in the Northeast Kingdom, deceived state officials.
“I feel very betrayed by what happened; I feel terribly betrayed by it, by Stenger and his partner,” Leahy said on Vermont Edition Wednesday. “This is not what it was told to people in past administrations and this administration. It was not the way it was described to them.”
The pair have been accused by the Securities and Exchange Commission of defrauding foreign investors. But Leahy says the state has benefited from the EB-5 program, including a successful project at the Sugarbush ski resort.
- Vermont EB5 Regional Center
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Ariel Quiros
- Bill Stenger
- Patrick Leahy
- 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.