A group of Chinese investors has filed a lawsuit against a businessman accused of massive fraud involving foreign investors' money in northern Vermont developments.
Each of the 31 investors had contributed $500,000 plus a $50,000 administrative fee for projects at or near Jay Peak ski resort as part of a special visa program. The EB-5 program offers foreign investors a chance at U.S. residency for investments in projects that create jobs.
The lawsuit seeks more than $17 million in damages. It was filed Nov. 7 in Miami against Ariel Quiros, the financial services company Raymond James & Associates, and Joel Burstein, Quiros' then-son-in-law who worked at Raymond James. VTDigger first reported on the lawsuit filing.
"Each of the Jay Peak Partnerships was part of a Ponzi Scheme orchestrated or facilitated by the Defendants," the suit said. "Each of the Plaintiffs has lost the sum of $550,000 in whole or in part as a result."
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