Vermont Regional Center Opposes the Fraud Proposals Over US EB-5 Visa

Vermont Regional Center Opposes the Fraud Proposals Over US EB-5 Visa

The US national government has confirmed a previous decision to close the Vermont Regional Center, upon the accusations of “massive” fraud at the Jay Peak ski resort and a lack of proof that the state’s immigrant investor program encourages economic growth.

The US Citizenship and Immigration Services rejected the state’s request in a letter received by the USCIS on 01 Oct 2019.

The record reveals many and notable negative factors illustrating the limitations on its (the center’s) capability to proceed to encourage economic growth, the citizenship agency addressed in its decision.

Details About Fraudulent Activities

The negative parameters involve the alleged scam at Jay Peak. Previous Jay Peak owner named Ariel Quiros and previous president named William Stenger were indicted in 2016 of mistreating higher than $200 million built from international investors by the EB-5 visa program for improvements at or near the resort. They have moved settlements with the Exchange and Securities Commission and the state and pleaded not wrong to federal charges upon a failed plan to create a biotechnology plant.

Since 2006, the Applicant has sponsored the Jay Peak US EB-5 Projects that the SEC claims have allowed Mr. Stenger and Mr. Quiros to engage in ‘an ongoing, extensive eight-year false scheme’ that ‘systematically stole higher than $50 million’ and ‘misused higher than $200 million’ in US EB-5 funds, the U.S.C.I.S wrote.

In terms of boosting economic growth, the U.S.C.I.S told most of the money gathered – approximately 80 percent or $423 million and jobs produced were connected to the Jay Peak projects. Approximately 20% of the entire EB-5 capital that the center supported to raise went to different ventures along with Trapp Family Lodge and Mount Snow Ski Resort, the U.S.C.I.S wrote.

The state had requested the U.S.C.I.S’s first decision, stating it would be better to slowly wind down the center to defend investors and jobs. The state told on 01 Oct that the center is assessing the decision and weighing its judicial options. It may file a motion for reconsideration of the decision to US federal court, the state announced.

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