Roughly 600 pages of records unsealed in federal court last week provide new details about the lengths to which Vermont state officials went in concealing the Northeast Kingdom fraud from investors, the public and the press.
Despite evidence that the Jay Peak developers had misused money from EB-5 investors, Gov. Peter Shumlin pressured officials in March 2015 to reinstate the suspended Burke Mountain and AnC Bio Vermont projects, allowing the developers to defraud more investors, records show.
As deputy commissioner, Michael Pieciak led an investigation into the Jay Peak EB-5 projects.
Most of the money will be used to reimburse claims by investors, while $1.25 million will go to the state general fund.
Agency secretary can’t say how much the Jay Peak developers, who allegedly diverted $200 million in investor funds, owe in fees to the Vermont EB-5 Regional Center.
Bill Stenger and Ariel Quiros charged 15 percent in construction management fees for the $50 million hotel.
The state will receive more than $700,000 as the result of two separate investigations by the Department of Financial Regulation. The health insurance benefits provider Cigna Behavorial Health will pay $392,000 to settle allegations that it used unlicensed mental health review agents to make decision regarding patient care and reimbursement, according to a news release […]
A Vermont household insurance survey, which will begin next week, is expected to give the state a window into how close it is to achieving universal health care coverage. The survey will begin in August and be completed in November. Preliminary results are expected in “early 2015,” according to a news release from the Department […]
Individuals can invest up to $10,000 in a registered Vermont business offering and companies can raise up to $2 million in stock equity without going through Wall Street.
The lawsuits were possible because the Vermont Legislature passed legislation last year that cracks down on predatory lending. Under state statute, the attorney general can go after third party loan processors.
Predatory loans that shortchange pensioners violate current statute, officials say. A proposed law would make that crystal clear.
State could receive millions from allowing the formation of companies that acquire high-risk policies from closed lines of insurance to use as an investment tool.
Proposal designed to maintain Vermont’s competitive edge in the market would allow captives to keep their licenses while on hiatus.
One of Vermont’s least-understood industries was hailed for its success at a Statehouse celebration Thursday, as Financial Regulation Commissioner Susan Donegan signed the state’s 1,000th captive insurance license.