VTDigger exposed the fraud at Jay Peak Resort five years ago. But for our reporting, the developers likely would have continued looting foreign investors for years.
In May, indictments were handed down in a dramatic hearing in U.S. Federal Court.
Federal prosecutors charged developers Ariel Quiros, Bill Stenger and two other men with money laundering in the biggest investor fraud in the state’s history. The Securities and Exchange Commission accused Quiros and Stenger of misusing $200 million in EB-5 monies.
The fraud was perpetrated under the noses of state officials. In September, the federal government permanently shut down the Vermont EB-5 Regional Center partly in response to VTDigger’s reporting on the state’s cozy relationship with the developers.
In an ongoing, two year battle over records in the case, we sued (again) for documents in January and after months of legal wrangling we were told by the Vermont Attorney General’s office that the communications of a former director of the center had been destroyed.
Thousands of pages of records in the EB-5 scandal have yet to be released and a half dozen lawsuits remain in play. It could be years before the full story comes out.
VTDigger has been on the case since 2014, and we stay on it because of you.
Our mission is to ensure government is answerable to the public.
If you appreciate our coverage, please consider a donation to support our nonprofit newsroom today.
Do you support our work?
Please join VTDigger and support our nonprofit organization with a tax-deductible donation in any amount.
Thank you for your support.
Executive Director and Editor of VTDigger
P.S. We are thanking readers who give $20 a month or a one-time gift of $250 or more with a free digital subscription to the New York Times.
Anyone who gives before Dec. 31 is eligible to win two airline tickets and a three night hotel stay anywhere in the lower 48 states. Many thanks to our friends at Milne Travel.
We are also grateful to Phoenix Books, which is making five $100 gift cards available to readers for our drawing on Jan. 3.
To donate a gift of stock, establish a planned gift, or bequest please call Florencio Terra at (802) 225-6224. Vermont Journalism Trust Tax ID #: 27-1553931
Want to stay on top of the latest business news? Sign up here to get a weekly email on all of VTDigger's reporting on local companies and economic trends. And check out our new Business section here.