Foreigners who has been banking on their investments in biometric research facility and rental cottage and a hotel project in Vermont to obtain US Green Cards are scrambling to find a back up now that the developers of the project are accused of misusing hundreds of millions of US dollars in an investigation known as massive eight year scheme of fraud.
Wei Wang along with his wife from China were residing in Houston after completing their graduation had expected that their investment of over half a million US dollars will lead them down towards beginning a restaurant.
According to Wang, in recent times he had contacted around 30 other investors from China, out of the 166 foreigners who had invested around $83 million in biometric research project, to view if they may get to work together for protecting their status of immigration and money.
The federal Exchange and Security Commission has accused that owner of Jay Peak and its president of misusing over half of $400 million raised from overseas investors for developments through special visa program. EB-5 program give overseas investors a prospect at residency for investments in projects that create employments.
Quiros also is accused in civil complaint of robbery of $50 million of investor money for his personal use, that includes buying the Jay Peak and Burke Montain Ski Resorts, Trump place luxury in New York and paying personal taxes. Both the individuals has told that they would be cleared of any unlawful activity.
This case is among many across the nation in which EB-5 program was allegedly utilized for defrauding many investors of millions of dollars.
Five of the eight projects linked to Quiros and Stenger has been finished and are functioning that includes Jay Peak Hotel, ice arena, golf course, indoor water park, the Jay Peak Golf course and Mountain Suites and Jay Peak Townhouses and lodge.
And the biometric research plant, that was predicted to bring around 450 jobs, is not going to happen.