A foreign investor rejected from joining a development project in the Northeast Kingdom has waited four-and-a-half months for a refund.
The developer of Q Burke Resort says the money is on the way and that this is the first time an EB-5 immigrant investor’s application has been turned down.
Bill Stenger announces a $500 million investment in Northeast Kingdom developments.
Bill Stenger announces a $500 million investment in Northeast Kingdom developments in 2012. File photo by Anne Galloway
After the application was denied by the U.S. Customs and Immigration Service, Bill Stenger, the president of Jay Peak and developer, with partner Ariel Quiros, of the Q Burke project, promised to return the $500,000 investment and a $50,000 administrative fee within 90 days.
The deadline passed Sept. 17, and the money had not been transferred to the investor’s account, according to documents obtained by VTDigger from the Department of Financial Regulation.
Read more by clicking below image