MONTPELIER, Vt. — U.S. Citizenship and Immigration Services has ordered Vermont to close its immigrant investor regional center following the alleged fraud at Jay Peak ski resort involving millions of dollars from the investor program.
The state plans to appeal the decision. Officials say while the state agrees with eventually closing the center, it thinks the best way is to wind down the operations and then close it to protect investors and possible jobs.
Jay Peak owner Ariel Quiros and former Jay president William Stenger were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program for developments at or near the resort.
Quiros has reached an $81 million settlement with the Securities and Exchange Commission. Stenger has agreed to pay a $75,000 penalty.