A new director of the state’s EB-5 Regional Center was named Tuesday.
Gene Fullam, who has worked for foreign and domestic investment banks, will replace former director Brent Raymond, who resigned last month to take a job at Mount Snow.
The federal EB-5 immigrant investor program offers foreign nationals the opportunity to gain U.S. citizenship in exchange for investments of at least $500,000 in projects that create U.S. jobs.
Fullam has been working as a consultant to for-profit and nonprofit organizations since moving to Vermont two years ago, according to a news release from the state Agency of Commerce and Community Development.
Fullam previously worked for Salomon Brothers (Citigroup), Hongkong Shanghai Bank, Lehman Brothers and Standard & Poor’s Corp., the release said.
ACCD Secretary Patricia Moulton said Fullam’s experience will be valuable as the EB-5 program expands and competition for projects mounts.
“We have seen a dramatic increase in competition among regional centers across the country. Gene Fullam’s expertise and experience will help keep the Vermont Regional Center at the forefront of this competitive field,” Moulton said in a news release.
The state recently named Krista Conley as director of International Trade. Conley will work with the Regional Center as well, the release said.
The state this year separated the regulation of EB-5 projects, giving the Department of Financial Regulation the task of overseeing the financial materials and reports from EB-5 projects. Before that, the Regional Center had oversight of those projects under ACCD.
DFR has added two staff members to assist with oversight and compliance of projects affiliated with the Regional Center, Commissioner Susan Donegan said in the news release.
“This reaffirms Vermont’s dedication to first-rate regulation and exceptional oversight in all aspects of financial services,” she said.
EB-5 projects in Vermont have come under increased scrutiny following investor complaints about a project at the Jay Peak ski area.
