Judge OK’s payment option for unpaid EB-5 contractors, subcontractors

Burke Hotel

Contractors can opt for 33 percent of what they are owed and hope for future proceeds when the properties sell. Or they can take a onetime 60 percent payment now of their total bill.




EB-5 program extended, leaving reforms in question

Patrick Leahy

Sen. Patrick Leahy voted against the extension, which was attached to a spending bill, because, he says, the program needs either a major overhaul or termination. Some investors in Northeast Kingdom projects remain in limbo.



Lawyer: Stenger was in the dark until break with Quiros

Ariel Quiros, Peter Shumlin, Ary Quiros, Bill Stenger

The Vermont developer’s attorney wouldn’t comment “at this time” on whether his client will sue his onetime business partner. The two former partners have turned against each other as regulators pursue fraud allegations.




In the Kingdom, the Ponzi cleanup crew is on the case

Michael Goldberg

Attorney Michael Goldberg says it’s going to be “better than business as usual” at Jay Peak Resort while he’s in charge. He hopes to do the same for Q Burke Mountain Resort and the new hotel there, and has asked a federal judge to place both entities under his receivership.



Updated: Feds charge Quiros and Stenger with ‘Ponzi-like’ scheme

Ariel Quiros

The SEC accuses the developers of fraudulently misusing $200 million; Ariel Quiros allegedly used $50 million to pay for personal expenses, including a luxury condo.





VTDigger exclusive: State suspends approval for EB-5 funded biotech company

AnC Bio Korea

The state is probing business plans for AnC Bio, an EB-5 project in Newport. The Q Burke and West Bowl ski resort projects have also come under new scrutiny.