Stowe, Vermont
125 Mountain Road

New York, New York
100 Park Avenue, Suite 1600

EB-5 Final Report, Doug R. Offer, Vermont State Auditor

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.

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Vermont Auditor’s Report Blasts State Response to Kingdom Con

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.

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