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Vermont and 8 EB-5 investors settle lawsuit
The state of Vermont is settling with 8 plaintiffs, all losing money in the EB-5 scandal that defrauded hundreds of investors.
The state of Vermont is settling with eight plaintiffs, all losing money in the EB-5 scandal that defrauded hundreds of investors. They were told their money would go toward Jay Peak, Burke Mountain and a biomedical facility in Newport.It turned out to be a $350 million Ponzi scheme.The lawsuit claims state officials knew something was wrong and did nothing about it. The state and investors agreed on a settlement in Lamoille County Court Thursday. NBC5 reached out to the attorney representing the plaintiffs and didn’t hear back.Vermont’s attorney general, Charity Clark, released this statement:“Vermonters, investors, and the State of Vermont were all deceived by the fraudulent promises made by Ariel Quiros, Bill Stenger, and William Kelly – who have since answered for their crimes in the justice system. We are pleased to have reached a partial resolution in this longstanding civil case.”The terms of the settlement are unknown.
HYDE PARK, Vt. —
The state of Vermont is settling with eight plaintiffs, all losing money in the EB-5 scandal that defrauded hundreds of investors. They were told their money would go toward Jay Peak, Burke Mountain and a biomedical facility in Newport.
It turned out to be a $350 million Ponzi scheme.
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The lawsuit claims state officials knew something was wrong and did nothing about it.
The state and investors agreed on a settlement in Lamoille County Court Thursday.
NBC5 reached out to the attorney representing the plaintiffs and didn’t hear back.
Vermont’s attorney general, Charity Clark, released this statement:
“Vermonters, investors, and the State of Vermont were all deceived by the fraudulent promises made by Ariel Quiros, Bill Stenger, and William Kelly – who have since answered for their crimes in the justice system. We are pleased to have reached a partial resolution in this longstanding civil case.”
The terms of the settlement are unknown.
