A group of foreign investors suing the State of Vermont are looking for added protection, as the feds begin the process of shutting down the state’s EB-5 Regional Center.
The attorney representing five investors filed an emergency motion in Vermont Superior Court, asking for a receiver to be appointed.
He says the receiver will bring accountability to Vermont’s EB-5 Regional Center, ensuring investors get as much money back as possible.
They’re also looking for immigration benefits.
The EB-5 program helps secure U.S. residency for foreigners investing in American projects.
These investors claim more than 200-million dollars were misused by the owners of Jay Peak, Ariel Quiros and Bill Stenger.
“The only justice that can be brought would be the protection of their immigration processes because if the UCIS terminates the Vermont Regional Center, the process ends,” Said Russell Barr of the Barr Law Group. “They have to go start over somewhere else, which if you’ve got a family that’s moved here what does that do for them? So it’s an interim equitable step; it won’t solve the problem for them, but it could prevent greater harm.”
The State of Vermont is asking the case be dismissed, claiming it should be immune from such a lawsuit.