Shumlin taps EB-5 investigator for top regulatory job

Shumlin taps EB-5 investigator for top regulatory job

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

Michael Pieciak, who led Vermont's investigation into an alleged fraud scheme in the Northeast Kingdom, has been selected to lead the state Department of Financial Regulation.

Gov. Peter Shumlin announced Tuesday that he appointed Pieciak to replace Commissioner Susan Donegan, who left the department on June 30.

As deputy commissioner in charge of the securities division, Pieciak played a key role in the investigation that led to a Vermont lawsuit against Ariel Quiros and Bill Stenger, the businessmen who leveraged a federal program called EB-5 to develop projects around the Jay Peak and Burke Mountain ski resorts.

Pieciak testified on behalf of the U.S. Securities and Exchange Commission in a Miami hearing as part of the related federal lawsuit against Quiros and Stenger.

“Mike’s intimate knowledge of the Jay Peak EB-5 investigation undertaken by the state is crucial as the case continues to work its way through the legal process," Shumlin said in a news release.

Pieciak, an attorney and Brattleboro native, served as campaign manager for Attorney General William Sorrell in the 2012 election.

He said in an interview that DFR will continue to enforce regulations in EB-5 projects across Vermont. Given the state's aging population, Pieciak also wants to focus on fighting financial schemes that defraud baby boomers and elders.


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