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State Auditor Doug Hoffer found the state of Vermont was too trusting and made poor decisions in its oversight of Jay Peak's fraudulent EB-5 projects.
Former Jay Peak President Bill Stenger was sentenced last week to 18 months in prison. Here's our in-depth piece on how it all began. A ski resort, a dream and greed: How a $350M fraud happened in ...
Former Gov. Peter Shumlin spoke to federal investigators about the EB-5 fraud that unfolded under his watch at Jay Peak in newly unsealed documents.
Jay Peak Resort is an American ski resort located on Jay Peak in the northern Green Mountains, between Jay, Vermont and Montgomery Center, Vermont. Its vertical drop of 2,153 feet (656 m) is the eighth largest in New England and the fifth largest in Vermont. [ 1 ]
In May 2012, Burke Mountain Resort was purchased by the owners of nearby Jay Peak Resort. [1] The new ownership has improved Burke's snow-making capability. Burke Mountain Resort is a ski in/ski out resort that is positioned at the midway point of the mountain. The hotel has 116 rooms, and is open year-round.
[24] [71] It was the "most followed EB-5 fraud case" according to Forbes. [24] Foreign investors lost their investments in "Jay Peak, Burke Mountain and related projects in the NEK". [72] Jay Peak was one of the original grandfather regional centers that was a very vocal proponent of the program. For this to happen, it's kind of a black eye.
Bill Stenger will serve 18 months and pay a $250,000 fine for his part in the fraud that tarnished the Vermont resort's good name. Former Jay Peak President Sentenced in Fraud Debacle Skip to main ...
Fraud case settlement [ edit ] On April 13, 2017, Scott announced a $150 million settlement with Raymond James Financial, Inc. as part of resolving fraud allegations by contractors and investors related to the Jay Peak and Burke Mountain EB-5 developments.