Now that the biggest EB-5 project in Vermont — and one of the biggest in the country — has collapsed into allegations of fraud against Bill Stenger and Ariel Quiros, erstwhile owners of Jay Peak, does the federal program have a future in the state?
Secretary of Commerce Pat Moulton believes it does. So does the new director of Vermont's EB-5 program, Eugene Fullam, who came on board last August, just as the investigations into Stenger and Quiros by both the U.S. Securities and Exchange Commission and the state Department of Financial Regulation were picking up steam.
"First and foremost, Vermont has benefited pretty richly from EB-5," Moulton said. "We've gotten more than $560 million invested in the state in 15 different projects. Seven are Jay Peak-related, but $563 million since 2007, that's not small money. That's big money."
While Moulton couldn't rank EB-5's place in the overall scheme of investment in Vermont, she said "it's one of the larger capital sources in the state." EB-5 investments have created more than 3,000 jobs in Vermont, directly and indirectly, according to Moulton.
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