Federal government says Vermont failed to prevent EB-5 fraud

From: Burlington Free Press

, Burlington Free Press

Vermont state officials bear some responsibility for what authorities say was a complex fraud in the Northeast Kingdom, concludes a recent U.S. Citizenship and Immigration Service report.

Federal and state officials have accused businessmen Ariel Quiros and Bill Stenger of misusing about $200 million of EB-5 foreign investor funds at Jay Peak and elsewhere in the Northeast Kingdom. The eight Jay Peak-related projects were approved and promoted by state government officials at the Vermont EB-5 Regional Center in the Agency of Commerce and Community Development.

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