Post by Logan on Apr 16, 2016 8:45:14 GMT -6
MONTPELIER — Federal and state officials on Thursday leveled civil fraud complaints at the main actors in major Northeast Kingdom development projects, accusing them of misusing $200 million in foreign investors’ money in a “Ponzi-like scheme.”
The federal Securities and Exchange Commission unveiled a civil fraud complaint, while Vermont officials filed a state-level complaint mirroring the federal charges.
Ariel Quiros and William Stenger, owners of Jay Peak Resort and the principals heading up eight different development projects through the federal EB-5 Immigrant Investor Program, have raised $350 million in $500,000 increments from foreign investors seeking permanent residency in the U.S. through the investor program.
Federal and state officials said $200 million of the money raised was misused, including $50 million by Quiros for his own personal benefit.
Read more: www.timesargus.com/article/20160415/NEWS03/160419766
The federal Securities and Exchange Commission unveiled a civil fraud complaint, while Vermont officials filed a state-level complaint mirroring the federal charges.
Ariel Quiros and William Stenger, owners of Jay Peak Resort and the principals heading up eight different development projects through the federal EB-5 Immigrant Investor Program, have raised $350 million in $500,000 increments from foreign investors seeking permanent residency in the U.S. through the investor program.
Federal and state officials said $200 million of the money raised was misused, including $50 million by Quiros for his own personal benefit.
Read more: www.timesargus.com/article/20160415/NEWS03/160419766