Vermont says it will appeal the decision by a federal agency to close the EB-5 Regional Center.
The United States Citizenship and Immigration Service administers the EB-5 program on the federal level. Citing fraud charges against Jay Peak’s Ariel Quiros and Bill Stenger, who are accused of misusing at least $200 million raised from foreign investors, the agency has ordered the center to shut down.
State officials agree the center should close, but they disagree with the timing.
In August 2017, Gov. Phil Scott approved a plan to wind down the center over time. He said that would protect the hundreds of immigrant investors who are still awaiting permanent visas and preserve the economic benefits of EB-5 projects across the state.
In a news release, Michael Pieciak, commissioner of the Department of Financial Regulation said, “A slower closure process would better protect investors in VCR related projects and we will articulate this position on appeal.”
The state plans to file the appeal in early August.