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EB-5 investor sues state

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copyright the Chronicle June 21, 201


by Joseph Gresser


An investor in the first of Jay Peak’s EB-5 projects is suing the state Agency of Commerce and Community Development, the Department of Financial Regulation, the Vermont Regional Center (VRC), and a number of those agencies’ employees.

The lawsuit, filed in the Civil Division of Lamoille County Superior Court, claims the two branches of state government and the named individuals effectively acted as Ariel Quiros’ and Bill Stenger’s partners, helping them to perpetrate fraud.

Mr. Quiros is the subject of a civil suit filed by the federal Securities and Exchange Commission (SEC) that charges he mishandled around $200-million of the approximately $350-million he raised to pay for hotels and other facilities at Jay Peak and Burke Mountain Resorts, as well as a biomedical facility in Newport.

The suit claims that Mr. Quiros also took about $50-million of the investors’ money for his own use.

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