The state of Vermont has released heavily redacted records to VTDigger in response to a request for documents related to the status of the Vermont EB-5 Regional Center and state oversight of EB-5 projects in the Northeast Kingdom that regulators say is part of a “Ponzi-like” scheme.
The documents that are not redacted shed little new light into questions raised by the U.S. Citizenship and Immigration Service about Vermont’s EB-5 program and the role state officials played in overseeing the $400 million-plus developments in Newport, Jay and Burke.
In April, the Securities and Exchange Commission charged the developers of the projects with misusing $200 million in immigrant investor funds. It is the largest alleged fraud case ever in Vermont and in the history of the national EB-5 program.
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