[G]ene Fullam, the director of the Vermont EB-5 Regional Center, has resigned after less than a year on the job.
Patricia Moulton, the secretary of the Agency of Commerce and Community Development, accepted his resignation on Thursday.
“The teams at the Agency of Commerce and Community Development and the Department of Financial Regulation will continue EB-5 Regional Center business as usual,” Moulton said in statement.
Moulton did not immediately respond to a request for comment about why Fullam left the regional center.
Fullam was hired on Aug. 25, 2015, to fill the directorship post in the middle of a difficult time for the regional center.
Over the past year, the regional center has been involved in an investigation of EB-5 projects at Jay Peak Resort. The investigation was conducted with the help of the Department of Financial Regulation. In April, the Securities and Exchange Commission charged the resort developers with 52 counts of fraud on April 12. The state sued Ariel Quiros, the owner of Jay Peak, and Bill Stenger, the CEO and president on April 14.
Fullam over the past year had handled a number of complaints from immigrant investors, including requests for refunds.
Before taking the job with the regional center, Fullam worked for Salomon Brothers, Hongkong Shanghai Bank, Lehman Brothers and Standard & Poor’s Corp.
Before moving to Vermont from New York City in 2013, Fullam worked for several notable investment banking houses, both domestic and international, including Salomon Brothers (Citigroup), Hongkong Shanghai Bank, Lehman Brothers and Standard & Poor’s Corp.
