Jay Peak investor sues state
A Jay Peak investor is suing the state over allegations that officials covered up a $200 million Ponzi-like scheme in which more than 800 EB-5 immigrant investors were defrauded.
In the civil complaint, Tony Sutton, an investor from London, charges that three state entities and 10 current and former state officials were at best “grossly negligent” and at worst intimately involved in a conspiracy to cover up their joint improprieties.
Sutton and his attorneys allege that the state effectively acted as partners in the alleged fraud at Jay Peak Resort.
The state did not call the Jay Peak developers to account, despite evidence that Ariel Quiros, the owner of the resort, and Bill Stenger, CEO of the company, were defrauding investors, the lawsuit alleges.
Read more: https://vtdigger.org/2017/06/14/jay-peak-investor-sues-vermont-eb-5-regional-center/