(Source: VTdigger.org ) he state commerce agency hired two securities law firms last year to
field questions from a federal agency after allegations of fraud were
brought against the developers at Jay Peak Resort.
The fraud, which involved $200 million in allegedly stolen EB-5 money, occurred under the state’s watch. The misuse of foreign investor funds began in 2008 when the developers used EB-5 money to buy the resort. Federal regulators say that act of fraud launched a Ponzi scheme that continued unabated for a decade. Read more at https://vtdigger.org/
The fraud, which involved $200 million in allegedly stolen EB-5 money, occurred under the state’s watch. The misuse of foreign investor funds began in 2008 when the developers used EB-5 money to buy the resort. Federal regulators say that act of fraud launched a Ponzi scheme that continued unabated for a decade. Read more at https://vtdigger.org/
