Dear Colleagues, Vermont’s Northeast Kingdom was the location of a widely publicized, multi-million-dollar fraud in the Federal government’s EB-5 program. This fraud was perpetuated by three individuals (Ariel Quiros, William Kelly, and. William Stegner) who were each convicted and imprisoned on charges brought by the U.S. Attorney’s office for the District of Vermont. The eight EB-5 projects at the heart of the fraud included a biomedical research park known as ANC Bio Vermont and the Jay Peak and Burke Mountain resorts.

Montpelier, Vt. (WCAX) – A new report released on Thursday blasts the state’s response to the Kingdom con. The report from the state auditor investigated the oversight of the EB-5 program that brought millions in foreign investments to Vermont and led to the largest fraud case in the state’s history.

The far-reaching litigation included international victims, and lawyers in at least two states.

The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort, the ski area that was shaken by a massive fraud case involving its former owner and president, officials said Wednesday.

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The two-week trial, which is expected to include the former Gov. Peter Shumlin, will decide whether the state harmed investors by failing to stop the $200 million fraud at Jay

HYDE PARK,Vt. (WCAX) – The state of Vermont is on trial as foreign EB-5 investors’ civil lawsuit is underway, one of the last remaining legal threads in the Kingdom Con saga.

VTDigger | Apr 17, 2023